China’s share of Ghana’s $55 billion public debt is quite small at just $1.7 billion or 3% of the total, but Beijing nonetheless plays a critical role in Accra’s efforts to revive its economy. The Ghanaian government needs China’s support in order to secure an emergency financial package from the International Monetary Fund.
While that may sound straightforward, it’s not.
Zambia is up against a similar challenge and its debt restructuring process has stalled, largely because of a stand-off between China and multilateral creditors over who should take losses on their loans.
Isaac Kofi Agyei, a research and data analyst at Joy News — one of Ghana’s leading broadcasters and news outlets — is closely following all of the developments in this story and joins Eric from Accra to discuss China’s role in Ghana’s unfolding economic crisis.
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