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Ghana secures Paris Club financing assurance for $3bn IMF bailout

China and the Paris Club have agreed to provide the debt assurances required to aid Ghana’s request for a balance of payment support from the International Monetary Fund (IMF).
They have thus asked all private creditors and other official bilateral creditors to commit to Ghana’s deal without any further delay.
This was contained in a press statement issued by the Paris Club on Friday, May 12.
“The creditor committee stresses that the Ghanaian authorities are expected to seek from all private creditors and other official bilateral creditors debt treatments on terms at least as favourable as those being considered by the creditor committee, in line with the comparability of treatment principle.
“Consequently, the creditor committee urges private creditors and other official bilateral creditors to commit without delay to negotiate with Ghana such debt treatments that are crucial to ensure the full effectiveness of the debt treatment for Ghana under the Common Framework,” excerpts of the statement said.
Also, a creditor committee for Ghana has been formed by countries with eligible claims to see to the quick implementation of the resolution. The creditor committee is expected to be co-chaired by China and France.
“The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.”
“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term financial needs,” the statement added.
Consequently, the Finance Ministry has taken to Twitter to express gratitude to all who have supported Ghana’s cause.
“The Paris Club has today established the OCC (co-chaired by China & France). With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board. Thank you to all our bilateral partners for helping us reach this significant milestone! #ResolvingTogether.”
On Thursday, Information Minister Kojo Oppong Nkrumah had said the country would soon secure a bailout from the International Monetary Fund (IMF).
According to him, Ghana’s package was virtually ready to be presented for approval any moment now following the government’s successful engagement with Ghana’s creditors.
Mr Oppong Nkrumah said this was according to information from government sources within the Bretton Woods institution.
Source: Myjoyonline.com
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Sammy Awuku mourns demise of Akuapem North NDC Constituency Secretary Isaac Batsa

Member of Parliament for Akuapem North, Sammy Awuku, has expressed deep sorrow following the sudden passing of Isaac Batsa, the constituency secretary for the opposition National Democratic Congress (NDC).
The New Patriotic Party (NPP) lawmaker issued a statement on Tuesday reacting to the news, which has shocked the local political community.
Mr.Awuku praised the late NDC secretary for his bipartisan approach to local governance.
He noted that despite their different political affiliations, Batsa consistently rose above party lines to serve the constituency with diligence.
The MP revealed that the news was particularly shocking given that he had last interacted with Batsa just three days prior on Saturday.
Concluding his statement, Sammy Awuku extended his heartfelt condolences to Batsa’s family, the constituency and regional executives, and the entire NDC fraternity, wishing the deceased peaceful eternal rest.
By Edem Mensah-Tsotorme
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Attorney General charges Chairman Wontumi and two others over alleged GH¢18.7 million Ghana Exim Bank fraud

The Office of the Attorney General has charged Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, and two others over the alleged fraudulent acquisition of funds from the Ghana Export-Import Bank for a farming project.
The charges were brought against Chairman Wontumi, Thomas Antwi-Boasiako, who is currently at large, and Wontumi Farms Limited.
According to court documents released by the Attorney General’s office, Chairman Wontumi, identified as the first accused person, allegedly approached the Ghana Exim Bank in January 2018 for financial support to undertake a large-scale farming project.
The prosecution said he applied for a GH¢19 million facility on behalf of Wontumi Farms Limited and claimed that the company had secured a 100,000-acre parcel of land for the proposed farming venture.
The Attorney General alleged that documents submitted together with the application contained false information.
According to the prosecution, one of the documents presented as a board resolution letter was dated January 23, 2018, but referred to a board resolution supposedly passed on December 9, 2017, four days before the company was officially incorporated on December 14, 2017.
The prosecution further stated that the accused persons also submitted a project proposal claiming that 2,500 hectares of the proposed farm would employ about 6,000 families, representing nearly 38,000 individuals.
Court documents indicate that the Ghana Exim Bank later approved an GH¢18.7 million facility made up of loans and grants for the project.
The facility was reportedly intended for the purchase of agricultural machinery, working capital, staff costs and consultancy services.
According to investigators, the bank disbursed more than GH¢14.3 million to the company between January and March 2018.
However, investigations by the Economic and Organised Crime Office of the Attorney General allegedly found that the proposed farming activities were never carried out.
The prosecution said the accused persons neither purchased the agricultural machinery nor secured the land they claimed to own for the project.
Investigators also alleged that Chairman Wontumi later submitted a document to the bank as proof that the company had purchased agricultural machinery worth GH¢4 million.
However, investigations reportedly established that the document was originally a pro-forma invoice from KAS-SAMA Enterprise and not an actual receipt.
According to the Attorney General’s office, the inscription “Pro-forma Invoice” was allegedly altered and replaced with the word “Receipt” before it was submitted to the bank.
The prosecution further alleged that Chairman Wontumi withdrew large sums from the company’s accounts and used the funds for personal expenses and investments in other businesses.
The Attorney General stated that attempts by the bank to recover the money were unsuccessful.
The Economic and Organised Crime Office reportedly began investigations into the matter in March 2025.
Chairman Wontumi was later arrested, cautioned and officially charged on May 14, 2026.
By: Jacob Aggrey
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