Africa Business China Ghana West Africa World 

Ghana seeks China’s support to restructure its debt

Ghana is seeking China to join its ongoing external debt restructuring efforts as it pushes for an IMF bailout this year. China is leading creditor to Ghana and other African countries. For Ghana to secure an IMF deal this year, it would have to restructure its debt levels. Ghana’s debt levels are unsustainable and has to be brought to a… Read More
Africa Business Ghana West Africa World 

Ghana to secure $3 bln IMF loan approval in 2023

– – Ghana expects to secure a $3 billion loan facility from the International Monetary Fund (IMF) by next year, Finance Minister Ken Ofori-Atta said on Tuesday. The West African nation is in serious economic crisis and urgently needs IMF bailout after earlier asserting it won’t turn to the fund for support. It would be the 17th time Ghana is… Read More
Africa Business Southern Africa World Zambia 

IMF approves a $1.3 billion loan program for Zambia

– – The International Monetary Fund has given approval for a $1.3 billion, 38-month loan program for Zambia. The approval given on Wednesday is a crucial step in helping the country to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19. The IMF said in a statement that the new Extended Credit Facility arrangement would provide total… Read More
Africa Business World 

IMF says 40% of African countries are in debt crisis

The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world. “Africa… Read More
Africa Business World 

Commonwealth finance ministers to meet over debt crises

Commonwealth finance ministers will meet in Washington D.C. on October 17, 2019 to discuss coordinated interventions to prevent future debt crises. The meeting will be chaired by the Finance Minister of Cyprus, Harris Georgiades, under the theme ‘Preventing Debt Crises: The Roles of Creditors and Debtors’. It will be preceded by sessions for senior finance ministry officials and central bank… Read More