The debt owed to Italy by Ghana has been wiped off by 70%.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Italy has converted nearly 70 percent of its concessional loans to Ghana into grants in what is considered a significant boost to the local economy.

The gesture wipes off 70 percent of Ghana’s indebtedness to Italy, which ultimately reduces the national debt portfolio.

The Italian Ambassador to Ghana, Laura Ranalli, who made this known during a courtesy call on the presidency, said the move was a demonstration of Italy’s commitment to support Ghana’s economic recovery and long-term growth. 

Source: newsthemegh.com