President Akufo-Addo has 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 German Finance Minister, Christian Lindner called on him at the Jubilee House, in Accra.
Mr. Lindner, who was at the head of a delegation from his country, held bilateral talks with the President aimed at boosting relations and economic ties between the two nations.
The President said, government’s main concern right now is the arrangements to conclude the IMF negotiations and the specific assistance that will be useful to Ghana and help fast-track the process.
He said the target is that, by the middle of March, the Country should be before the Board for the full agreement.
The President said one important step forward in concluding a staff-level agreement with the IMF has been taken and government is now looking to go the full haul in concluding the agreement, hoping that it will be done by the middle of March.
He said the other step is the Domestic Debt Exchange programme that is on, which fortunately, has a lot of difficulties, but has now been virtually concluded.
However, President Akufo-Addo stressed, that there is a vital need for other creditors to support the efforts that his government is undertaking to restructure the external and domestic debts of the country, to enable the IMF deal to go through quickly.
President Akufo-Addo said a very important consideration is the financial stability fund that has been promised Ghana, as one of the key outcomes of these negotiations and definitely once again, Germany’s voice in trying to bring that into being is something that Ghana would appreciate very much.
The President commended the German government for extending support to Ghana to enable her to overcome the current economic difficulties.
He said the German government had proven to be a reliable ally and Ghana would continue to count on the European nation as “a privileged partner” as the country seeks a bailout.