Finance Professor at Andrews University in Michigan, USA, Williams Peprah is advising the government to put in the necessary efforts to convince Ghana’s official creditors to urgently restructure some $5.4 billion loans urgently.
With Ghana’s official creditors meeting today, January 8, 2024, on the country’s external debt restructuring, Professor Peprah told Joy Business the government has to cross that hurdle immediately to restore the country’s economic growth.
He wants the government to move quickly to get the external creditors to restructure the country’s loans since any delays will be catastrophic to the economy.
“If you ask me, we may have to go in with a figure to negotiate”.
“The $5.4 billion that we want, whatever cut-off point that is being approved, we should be able to convince these external creditors that the $5.4 billion is what will help our economy and help us to complete our restructuring programme”, he explained.
So, he added, “whatever cutoff date may be agreed by each party, whether the Paris club or China, the aim should be on the $5.4 billion. That should be the cut-off date”.
Ghana is expected to receive some favorable responses from its external bilateral creditors as it engages in crucial talks Monday, January 8, 2024, to finalise a roadmap for restructuring approximately $5.4 billion in external debt.
Source: JoyOnline