The success of the IMF deal engendered the Ghana Embassy in China and Ghana Ministry of Finance expressing appreciation for the support provided by China in obtaining the deal
The deal which was reached on May 19, 2023, saw China playing a significant role in facilitating the approval of the loan.
The Ghanaian government struggled to convince its financial partners and creditors prior to the approval of the $3 billion Extended Credit Facility (ECF) for Ghana
This led to government’s decision to fall on China, Ghana’s largest bilateral creditor to intervene and pivot efforts towards securing the IMF deal.
Ghana’s decision which was initially opposed by the Finance Minister Ken Ofori-Atta in the latter part had garnered support from the same Finance Minister who led efforts to clinch the deal.
The country’s decision to seek some monetary support and expertise sparked arguments among experts in the financial community. Some argued that it’s a smart move, while others had their reservations.
Government didn’t back off in spite of initial challenges. Extensive negotiations and fruitful discussions were held between the Ghanaian delegation and key Chinese officials, including China’s Finance Minister, Vice Minister of Foreign Affairs, Vice Minister of Commerce, and executives from various Chinese financial institutions yielding the ultimate fruitful result thus approval of the $3 billion Extended Credit Facility (ECF) for Ghana.
The Ghana Embassy in Beijing appreciated the Finance Minister Ken Ofori-Atta for his leadership and efforts in engaging with the Chinese government which resulted in clinching the deal.
Ghana and the IMF are dancing the economic tango, hoping to eventually accomplish a chord of stability and growth but only time will tell if this partnership will be a harmonious duet or a cacophony of missed steps.
