Public Management

China must do more to help ease the debt burden of African countries - Ghanaian Finance Minister

China must do more to help ease the debt burden of African countries - Ghanaian Finance Minister
Tuesday, 07 April 2020 18:56

In Africa, the war against the covid-19 pandemic is having a significant impact on economies. According to Ken Ofori-Atta (pictured)- Ghana's finance minister- China, Africa's largest trading partner, can do much more to help African countries relieve their debt.

Figures revealed by the minister showed that Africa's debt to China amounts to about $145 billion, of which $8 billion is due to be paid this year. The situation already seems hardly tenable for the continent, while estimates predict that 20 million jobs in Africa will be put at risk by the pandemic.

To mobilize the funds needed to respond to the disease, African governments a few days ago called on their lenders to grant them an exemption from paying interest on their respective countries' debts and obligations (estimated for 2020 at $44 billion). Moratoriums and debt cancellation programs have also been called for by several heads of state.

In recent years, China, which has been particularly criticized for its methods of financing Africa, has granted debt cancellations to several countries on the continent such as Zambia, the Central African Republic and Côte d'Ivoire.

“My feeling is that China has to come on stronger,” Ken Ofori-Atta said on April 6 during a meeting with Masood Ahmed, president of the Center for Global Development.

As a reminder, African countries estimate that they need $100 billion to deal with the coronavirus crisis. According to some experts, the new pandemic could increase some countries’ debt.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Verdant Capital has invested $3 million in Nigerian fintech Bfree to help recover distressed loans in Africa. The deal will allow Bfree to...
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...

Cybersecurity Key to Côte d'Ivoire's Tech Future– VITIB's N'ZI
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.