“The biggest elephant in the room is China. China is Ghana’s biggest creditor and so far, it has not fully supported the formation of a creditor committee where all the creditors will sit down and agree on a package for Ghana,”
“Time is important, time is running out. Without an agreement with bilateral creditors, the IMF package is in grave danger,” he added.
Daniel Krull, also expressed concern about the large size of the Ghanaian government.
Speaking at a press conference, Mr Krull questioned why Ghana continues to have a larger government size than Germany.
According to him, Ghana cannot go out to the international community crying for help and still refuse to reduce its expenses.
“Well, of course, it depends a lot on the type of expenditure you look at… I believe this is true because if I look at the budget of the German Foreign Ministry of the German government, I believe there are important tasks that can be cut without damaging economic development.
Germany is ready to come to the table and help Ghana, but the government needs to reduce the size of its representatives.
Ghana hopes to restructure $1.7 billion in debt to China as Ghana hopes to complete external debt restructuring as part of the necessary conditions to secure the IMF program.