Ghana's Minister of Finance, Ken Ofori-Atta, has implored a delegation from the China Exim Bank to assist Ghana in overcoming its current economic challenges.

China Exim Bank bears more than 40% of Ghana's debt to China. The Chinese delegation was in Ghana before Ghanaian officials traveled there to negotiate debt reduction.

The Finance Minister made the plea at a farewell dinner for the Chinese delegation from the China Exim Bank, which was in Accra to work with the government on efforts to restructure an estimated $1.9 billion in debt owing to China.

Ghana's current condition is "difficult," according to Mr. Ofori-Atta.

“What Ghana needs as we go through our current challenging economic and financial circumstances is strong support from our lasting partners, including China, to restore lasting growth and support the vulnerable,” he said.

A report on the Ministry of Finance website stated that the delegation is in Accra on a three- day mission, ahead of Ghana’s upcoming mission to China, all in line with ongoing negotiations for a sovereign debt treatment.

Ken Ofori Atta will lead a high-powered government delegation to China to plead for the acceptance of the country’s proposal for debt cancellation.

Ghana is hoping to restructure $5. 7 billion with China holding a third of it amounting to $1.7 billion dollars.

Ghana is currently restructuring its debt both domestically and externally in order to access support from the IMF.

China is Ghana’s single biggest bilateral creditor with $1.7 billion of debt, while Ghana owes $1.9 billion to Paris Club members, according to data from the Institute of International Finance (IIF).

Source: The Independent Ghana