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Search resuls for: "Christian Akorlie Cooper Inveen"


4 mentions found


☆ China must join Ghana debt restructuring effort soon, Germany's Lindner says
  + stars: | 2023-02-03 | by ( Christian Akorlie Cooper Inveen | Christian Akorlie | Cooper Inveen | ) www.reuters.com   time to read: +2 min
"I would like to call on all creditors to join the efforts as swiftly as possible," Christian Lindner said in a news conference with his Ghanaian counterpart Ken Ofori-Atta. In January, Reuters reported exclusively that Ghana had requested a bilateral debt restructuring under the Common Framework, a platform set up by the Group of 20 major economies during the COVID-19 pandemic to bring China and other newer creditor nations into existing debt relief processes. Western leaders have repeatedly criticised China for delaying developing country debt restructurings, which it disputes. "Germany is being true partners" in helping Ghana through the debt restructuring process in "an accelerated way," Ofori-Atta told reporters. "Ghana needs to return as fast as possible to the international financial markets.
☆ Ghana to swap domestic debt in fight to regain economic stability
  + stars: | 2022-12-04 | by ( Christian Akorlie Cooper Inveen | Christian Akorlie | Cooper Inveen | ) www.reuters.com   time to read: +2 min
ACCRA, Dec 4 (Reuters) - Ghana will launch a domestic debt exchange on Monday, its Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation. Ofori-Atta said in a video address on Sunday that Ghana's government had finished its debt sustainability analysis, but he did not provide any information on plans for foreign debt that are anxiously awaited by international creditors. The government is in talks with the International Monetary Fund for a support programme to relieve its debt distress. "There was little question that Ghana needed LCY (local currency debt) coupon reductions to restore macro sustainability. Ofori-Atta said the government would set up a financial stability fund with the support of development partners to help domestic financial institutions, including banks and pension funds, weather the swap.
☆ Ghana at high risk of debt distress, finance minister says
  + stars: | 2022-11-24 | by ( Christian Akorlie Cooper Inveen | Christian Akorlie | Cooper Inveen | ) www.reuters.com   time to read: +3 min
Presenting the West African nation's 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF). Investment bank Morgan Stanley said on Thursday that it expected Ghana to restructure both its domestic and external debt. "The current debt sustainability analysis conducted reveals that Ghana is now considered to be in high risk of debt distress," Ofori-Atta told lawmakers. Ghana will implement a debt exchange programme to address the challenges, he added. Despite the projected increase in revenue, Ofori-Atta said the fiscal budget would increase to 7.7% of GDP from 6.6% over the coming year.
☆ Ghana president says IMF talks will not lead to a debt haircut
  + stars: | 2022-10-30 | by ( Christian Akorlie Cooper Inveen | Christian Akorlie | Cooper Inveen | ) www.reuters.com   time to read: +2 min
ACCRA, Oct 30 (Reuters) - Ghanaian President Nana Akufo-Addo on Sunday said talks with the International Monetary Fund were going well and sought to reassure investors that the negotiations would not lead to a reduction in the face value of government bonds. The talks are "are at advanced stages, and are going well," Akufo-Addo said. "No individual or institutional investor ... will lose their money as a result of our ongoing IMF negotiations. Ghana launched talks with the IMF in July as foreign investors dumped its debt and street protests broke out over economic turmoil that has seen inflation and currency depreciation hit record levels despite repeated and severe lending rate hikes. "I cannot find an example in history when so many malevolent forces have come together at the same time," Akufo-Addo said.
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