Overview

Chinese Government cancels $53.5 million of the Government of Ghana’s outstanding debt obligations

Commitments (Constant USD, 2023)$123,509,313

Commitment Year•2002Country of Activity•GhanaDirect Recipient Country of Incorporation•GhanaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 17, 2002

Start (actual): Jun 1, 2002

End (actual): Jun 1, 2002

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of Ghana

Loan desecription

Chinese Government cancels $53.5 million of the Government of Ghana’s outstanding debt obligations

Narrative

Full Description

Project narrative

In June 2002, the Chinese Government agreed to cancel $53.5 million of the Government of Ghana’s outstanding debt obligations. These obligations, which resulted from interest-fee loans that the Government of Ghana contracted between 1961 and 1964, reportedly represented 85 percent of the Government of Ghana’s total outstanding obligations to the Chinese Government.

Staff comments

1. This project is not marked as umbrella because the original debt is not captured in our dataset, so there is no risk of double counting.