Canada Cancels Ghana Debts

Accra, Sept. 23, GNA - Canada has now cancelled all debt owed it by Ghana, the Canadian Minister of Finance Mr Ralph Goodale has announced. The announcement contained in a statement issued in Accra on Thursday by the Canadian High Commission said, about 4.2 million Canadian dollars (about 28.6 billion cedis) in bilateral debt owned by Ghana has been wiped out.

This is in addition to 17.2 million Canadian dollars (about 117.13 billion cedis) of Ghana's debt that Canada has already forgiven through the Paris Club.

The statement said this brings Canada's total debt cancellation to Ghana to 19.1 million Canadian dollars (about 130 billion cedis.) Mr Goodale said excessive debt was one of the heaviest burdens to economic growth for African countries.

"The relief provided today will enable (these) countries to spend more on priorities such as health and education, rather than debt payments."