HC Deb 11 February 1972 vol 830 cc463-5W
Mr. Cordle

asked the Secretary of State for Foreign and Commonwealth Affairs, in view of Ghana's renunciation of her debts to the United Kingdom, if he will seek information as to the amount of the Ghana Government's outstanding debts to the International Monetary Fund, the World Bank, the International Development Association, and other Governments than the United Kingdom Government, and the repayment schedules on these debts; and if he will make a statement.

Mr. Kershaw

Debts owed to Governments other than the United Kingdom and to the international institutions, total some £300 million. Payments are heaviest in the next 10 years but repayment of aid loans continues until the year 2020.

Mr. Cordle

asked the Secretary of State for Foreign and Commonwealth Affairs what instructions have been issued to Her Majesty's Government's representatives on the governing bodies of the International Monetary Fund, the World Bank and the International Development Association in respect of requests by the Ghana Government for further financial assistance or the rescheduling of existing debts.

Mr. Kershaw

Since the change of Government in Ghana on 13th January no requests for financial assistance or for rescheduling of debts have been received by Her Majesty's Government from the Government of Ghana. No instructions have therefore been issued to the British delegation to the governing bodies of the International Monetary Fund and World Bank.

Mr. Cordle

asked the Secretary of State for Foreign and Commonwealth Affairs what discussions he has had with the Government of Ghana concerning the cancellation or rescheduling of payments on Ghana's debts to the United Kingdom.

Mr. Kershaw

Since 1966 there have been three international conferences on Ghana's medium-term debts, when substantial relief was arranged for the period when debt payments were heaviest. It was expected that a fourth conference would have been held before mid-1972.

Her Majesty's Government very much regret that the present Government of Ghana should have made these unilateral announcements affecting contractual obligations without any form of consultation with Her Majesty's Government.

Mr. Cordle

asked the Secretary of State for Foreign and Commonwealth Affairs, in view of Ghana's renunciation of her debts to the United Kingdom, if he will seek information as to the size of Ghana's reserves of gold and foreign currency and of her overseas debts, respectively, at the time of assuming independence and at the most recent convenient date; and if he will make a statement.

Mr. Kershaw

At independence reserves were about £200 million. Debts currently outstanding are estimated at over £400 million.