Ghana’s finance minister Ken Ofori-Atta will meet Chinese officials on Wednesday to discuss a proposed restructuring of Ghana’s debt, a source has revealed.

The source said, “the talks are expected to focus on ways to reduce Ghana’s debt burden and secure additional financing assurances for the country’s economic programme.”

The source added that the Ghanaian government is currently preoccupied with securing IMF board approval, with the fine details of debt treatment operations to follow later, the source added.

Ghana has been struggling with its worst economic crisis in a generation and secured a staff-level agreement with the IMF in December for a $3 billion loan. Still, approval is contingent on it restructuring its debt of 575.7 billion cedis ($47.6 billion).

The West African country is one of several cash-strapped countries facing unprecedented delays in securing bailouts as China and Western economies clash over how to structure debt relief deals.

China is Ghana’s biggest bilateral creditor with about $1.7 billion of debt and the Chinese delegation visited Ghana this month for initial debt talks which the finance ministry said were “cordial and fruitful.”

In addition to restructuring its domestic debt, Ghana has requested that its bilateral debt be restructured under the common framework platform supported by the Group of 20 major economies.

Zambian authorities are concerned about market abuses and social injustices in the energy sector, specifically regarding renewable energy technologies.

The permanent secretary of the country’s Commerce, Trade, and Industry, John Mulongoti, made the position at the commemoration of World Consumer Rights Day where he revealed that the concern was born out of outcry by consumers over the low quality as well as high prices of energy-efficient and renewable energy technologies in the market.

According to Mulongoti “the energy sector is prone to market abuses and social injustices as evidenced by consumers’ concerns over the low quality as well as high prices of energy efficient and renewable energy technologies on the market.

“It is, therefore, my expectation that this event will not only provide an opportunity for increasing consumer awareness of their basic rights but also create a platform for consumers to air their concerns on market abuses and social injustices that they face as they access services from not only the energy sector but also other sectors as well,” Mulongoti said.

“You will agree with me that Zambia has not been spared from experiencing the adverse impact of climate change. We, therefore, need to hold hands together to mitigate this challenge.

“As we continue to enhance trade and investment for the growth of our economy, the government is cognizant of the need to ensure that economic growth happens in a sustainable manner,” Mulongoti said.

Mulongoti said the government will work to create resilient, climate-friendly economies in addition to advocating that both businesses and consumers embrace technologies and solutions that can help mitigate climate change.

The administration of President Hakainde Hichilema has made moves to focus on renewable energy, in January, state-owned power utility Zesco signed an agreement with the United Arab Emirates renewable energy company Masdar to develop solar projects worth $2 billion.

Zambia, like many other African countries, faces a myriad of environmental and socio-economic
challenges that include land degradation, deforestation, and regular droughts which shift to renewable energy strategy.