China Archives - Page 2 of 3

24 Mar

We’ve Had Positive Talks With China Over $1.7Bn Debt – Finance Minister

wontumionlineNewsChina, Government, IMF Bailout, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta says discussions with the Chinese government on the country’s debt restructuring programme have been positive. According to him, Ghana will soon secure external assurances from China. Mr Ofori-Atta in a tweet on Friday, March 24, also expressed optimism about the government passing the three new tax bills in Parliament. He added that the government is making significant progress on securing a deal with the International Monetary Fund (IMF). https://twitter.com/oofmghana/status/1639177019937423361?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1639177019937423361%7Ctwgr%5E5c24ef4c0062adb344d2974be781e37d59412088%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.myjoyonline.com%2Fweve-had-positive-talks-with-china-over-1-7bn-debt-finance-minister%2F “So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills…

23 Mar

Ken Ofori-Atta Leads Delegation To Start Debt Restructuring Talks With China Today

wontumionlineBusinessChina, Ghana, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta is today (23rd, March, 2023) leading government’s delegation to engage a Chinese government team on Ghana’s debt restructuring programme. The engagements are expected to end on Friday 24th March, 2023. The Ghana delegation is made up of Technical Officials from the Ministry of Finance, Ministry of Foreign Affairs and the Bank of Ghana. The team will engage representatives of the Chinese government and their counterparts from China’s Ministries of Finance, and Foreign Affairs as well as the Central Bank of China. Mr. Ofori-Atta leads the team after attending a UNECA High Level meeting in Ethiopia, where he…

20 Mar

Ofori-Atta Leaves For China For Debt Restructuring Negotiations

wontumionlineBusiness, NewsChina, debt restructuring, Ken Ofor-Atta

Finance Minister, Ken Ofori Atta, has left Accra for China to have negotiations on debt restructuring with officials of that country. Sources say the Finance Minister left over the weekend via Addis Ababa where he is attending the UNECA High-Level Ministers meeting on the Global Financial Architecture. After that meeting, Mr. Ofori-Atta, is expected to head to China, possibly on March 22, 2023. The Minister who is leading the government delegation is expected to continue bilateral talks with China as well as seek financial assurances for Ghana’s programme with the International Monetray Fund. The trip was postponed to the end…

02 Mar

Our Meetings With Chinese Delegation Progressing Well, Fruitful – Finance Ministry

wontumionlineBusinessChina, Ghana, ministry of finance

The Ministry of Finance has said that the government’s meetings with the Chinese delegation from EXIM Bank China are progressing well. In a statement on its website, it said discussions have so far been highly cordial and fruitful. The Chinese delegation ended a 3-Day mission to engage the Government of Ghana, following a request for the restructuring of Ghana’s $1.9 billion indebtedness to China. Joy Business understands that the two governments have exchange data with discussions being held at the technical level, on the parameters of an effective debt treatment. The government is believed to be seeking among other reliefs,…

23 Feb

Government Postpones Meeting With China On Debt Cancellation To March 2023

wontumionlineBusinessChina, Finance Minister, G20 Common Framework, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta, has hinted that a planned high-level government delegation to China has been postponed to late March 2023. This is owing to the upcoming National People’s Congress of China meeting scheduled for early March. However, the Finance Minister said bilateral talks will continue ahead of this important mission. The government is seeking under the G20 Common Framework for Debt Treatment to get debt forgiveness from some bilateral and multilateral partners. Key among them is China, whom Ghana is indebted to the Far East country to the tune of over $1.7 billion. This is compared with $1.9 billion…

21 Feb

Government Delegation To Visit China For Debt Cancellation

wontumionlineNewsChina, Debt cancellation, Ken Ofori Atta

A high-powered government delegation will visit China later this week to convince authorities there to accept Ghana’s proposal for debt cancellation with the Paris club. It is part of the government’s restructuring of its external debts. Ghana is hoping to restructure $5. 7 billion with China holding a third of it amounting to 1.7 billion dollars. Finance Minister Ken Ofori-Atta who is leading the delegation told Svenja Schulze, a German Minister that China has committed to a bilateral negotiation. In view of that, he is hopeful a deal can be reached to enable Ghana to present her case before the…

13 Feb

Could China Use Digital Yuan to Dodge the Dollar

wontumionlineBusinessChina

Are you wondering if China could use Digital Yuan to dodge the dollar? Here is a guide on the possibilities of the Digital Yuan avoiding the U.S. dollar. China hopes to use the digital Yuan to replace the dollar as the world's global currency, giving the country more control over its economy. However, for the digital Yuan to replace the U.S. dollar, it must go through a few stages. For instance, the Central banks worldwide will choose to keep a total of at least $700 billion worth of Yuan in foreign exchange reserves. Also, the People's Bank of China allows…

05 Feb

Encourage China to support our debt restructuring efforts – Akufo-Addo to Germany

wontumionlineBusiness, News, TrendingAkufo-Addo, China, debt restructuring

President Nana Akufo-Addo on Friday urged Germany to “encourage” China, an ad hoc member of the Paris Club, to support Ghana’s debt restructuring efforts. He said it is critical that the Paris Club swiftly establishes, with the participation of other official creditors, a creditors committee, to support the efforts that would enable Ghana to restore economic growth. The President made the call when the visiting German Finance Minister, Christian Lindner called on him at the Jubilee House, Accra. Linden, who was the head of a delegation from his country, held bilateral talks with the President aimed at boosting relations and…

17 Jan

G20 Common Framework: Ghana May Seek To Add China In Request For Debt Relief

wontumionlineBusinessChina, debt relief, G20 Common Framework, Ghana, non-Paris club member

Ghana may seek to add non-Paris club member China in its request for debt relief under the G20 Common Framework. China is Ghana’s biggest bilateral creditor with $1.7 billion of debt, according to data from the International Institute of Finance. This is compared with $1.9 billion to Paris club members. Managing Director of the IMF, Kristalina Georgieva, confirmed that Ghana just became the fourth country to seek treatment under the Common Framework. This sent a signal that it is seen as an important pathway for debt resolution. The IMF boss added countries seeking debt restructuring under the Framework will need…

04 Jan

Covid-19: Don’t Go To China If Your Trip Is Not Essential – Govt Warns

wontumionlineNewsChina, COVID-19

The Government of Ghana has cautioned Ghanaians against travelling to China as Covid-19 cases spike in the Asian country. In a travel alert, the Ministry of Foreign Affairs and Regional Integration, said as much as possible, only essential trips should be undertaken until further notice. The Foreign Affairs Ministry also stated that effective Friday, January 6, all persons travelling from China to Ghana will have to produce a 48-hour negative PCR test and undergo mandatory antigen testing at a point of entry free of charge until further notice. Covid-19 cases in China have increased rapidly in the last few months…