Finance Minister, Ken Ofori-Atta, has expressed the country's openness to any new cut-off date proposed by external creditors for the restructuring of Ghana's external debt, especially with China.

He emphasized the importance of concluding the debt restructuring exercise to allow Ghana to access the $600 million credit facility under the International Monetary Fund's second tranche bailout package.

China, a major creditor to Ghana, has suggested a March 2020 cut-off date for all loans given to Ghana, deviating from the initially agreed-upon date of December 2022, causing delays in Ghana's meeting with the IMF Board for the next tranche of $600 million.

“The issue is for the membership of the Official Creditor Committee to get comfortable. We hope that by the end of next week, we will have what we need so that the Fund Board can sit”, he said.

The Finance Minister highlighted that the involved parties are aiming for a level of debt restructuring that won't significantly impact their future operations.

“Everybody is looking at the comparability of treatment in there and China and France certainly are co-chairs, so they have a good impact on what will happen, but we should be okay,” he said.

Previously, Dr. Ato Forson, the Minority Leader, claimed that the negotiation had encountered challenges, and the upcoming $600 million package is in a state of uncertainty.

“Mr. Speaker, it will interest you to know that there is a deadlock in the negotiation between Ghana and the International Official Creditors Committee (OCC) made up of China and the Paris Club 50. There is a major disagreement on the cut-off point, regarding the external debt that must be excluded from the restructuring. Mr. Speaker, I do not need to sound the alarm that at this point, Ghana is between a rock and a hard place.”

Prior to this, the Finance Minister expressed confidence that the International Monetary Fund (IMF) board would give approval for the second tranche of the country's deal with the Fund by the year's end.

“My deep sense is that we will get whatever is appropriate for the Fund Board to be able to make their decision in November. I am confident about it. And yes, we did meet with the officials from Paris Club and there was pretty positive assurance", he said.