Kamala Harris inspects guard of honour at Jubilee House
ACCRA, March 28 (NNN-GNA) — US Vice President Kamala Harris has said the American government is in full support of Ghana’s talks with the International Monetary Fund for a bailout.
She also announced during a joint press conference with Ghanaian leader Nana Akufo-Addo at the Jubilee House on Monday as part of her three-day official visit to Accra, that the US government will push for debt relief for deserving countries.
“We welcome Ghana’s commitment to reform its economy for sustainable and inclusive growth”, she said, adding: “We support Ghana’s engagement with the IMF and we will continue to push all bilateral creditors to provide meaningful debt reduction for countries that need it.”
“It is critical to do so to build long-term economic growth and prosperity and to increase US investments. Our partnership is already strong and I believe that today we have strengthened it.”
The US government also announced that its Department of Treasury’s Office of Technical Assistance (OTA) will deploy a full-time resident advisor to assist the Ministry of Finance to develop and execute medium- to long-term reforms to improve debt sustainability and support a competitive, dynamic government debt market.
On the debt issue, the government of China says it will help the government of Ghana to restructure the gold-producing West African country’s US$1.7 billion debt owed the Asian giant.
Chinese Finance Minister Liu Kun gave the assurance when Ghana’s Finance Minister, Ken Ofori-Atta, led a delegation to Beijing to ask for debt relief.
“China believes in promoting debt sustainability and sustainable development,” Liu said, adding: “We know that these are short-term challenges which we, as responsible creditors, remain committed to resolving.”
“The long-standing and prosperous relationship between Ghana and China imposes on us, a responsibility to help,” Liu noted.
He indicated: “Chinese authorities have confidence in Ghana’s economic management and its long-term economic viability.”
Ghana is seeking debt relief and restructuring as a prerequisite to getting the Board of the International Monetary Fund to approve a US$3-billion extended credit facility for the cocoa producer.
The US$1.7 billion owed China is part of the more-than US$5 billion Ghana owes its bilateral partners including the Paris Club.
Ghana has already finished restructuring its domestic debt. — NNN-GNA
