Project ID: 1462

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

Commitment amount

$ 116066384.0

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Ghana

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2002

Completion

2002

2002-06-01

Actual

Description

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.

Additional details

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.

Number of official sources

3

Number of unofficial sources

9

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Ghana [Government Agency]

Gurarantee provided

No

Insurance provided

No