“The big elephant in the room is China. China is Ghana’s largest creditor and so far, has not fully supported the establishment of a creditors’ committee where all creditors sit down and agree on a package for Ghana.
“Time is of the essence, time is running out. Without this agreement with bilateral creditors, the IMF package is in grave danger. he added.
Daniel Krull shares his concerns about the sheer size of Ghana’s government.
Speaking at a press conference, Mr. Krull questioned why Ghana continues to have a larger government than Germany.
According to him, Ghana cannot go to the international community crying for help and refuse to cut its spending.
“Well, of course, it depends a lot on what kind of spending you’re looking at… If I look at the budget of the German foreign ministry of the German government, I’m convinced that this is true, I’m convinced there. These are important functions that can be cut without jeopardizing economic development.
Germany is ready to come to the table and help Ghana, however, the government must drastically cut the size of its representative members.
Ghana hopes to restructure the $1.7 million it owes to China as it hopes to complete the restructuring of its external debt as part of the necessary conditions to secure the IMF programme.
