Ghana making progress with $3bn Chinese loan – Foreign Affairs Minister

Foreign Affairs and Regional Integration Minister Shirley Ayorkor Botchwey has told the Chinese government that Ghana is making good progress with the utilisation of the 3 billion-dollar China Development Bank (CDB) Loan. The minister briefed the Chinese government on how the loan facility was being utilised when she held bilateral talks with her Chinese counterpart, Wang Yi. The talks were held on the sidelines of the Forum on China-Africa Cooperation (FOCAC) Coordinators’ meeting which took place recently in China. She told the Chinese Foreign Minister, Wang Yi, that out of the 3 billion dollars, 1 billion-dollar has been utilised to successfully complete the Western Corridor Gas Infrastructure Project and the Integrated National Security Communications Enhancement Project. Ms Ayorkor Botchwey further indicated that Ghana intended to use 1 billion dollars of the facility for two major railway projects. She mentioned the Finance Minister, Ken Ofori Atta, will be working out the details with his Chinese counterpart. According to her, the Finance Minister shall also seek his Chinese counterpart’s support for the two projects, noting they are critical to opening up of the untapped areas of Ghana’s economy. She  revealed the Ghana has established the Ghana Integrated Aluminum Development Corporation to develop the country’s aluminum industry, which is earnestly seeking partners to build aluminum refinery. Proceeds from that, she said, will go towards servicing the facility. She recounted that Ghana and China have signed two subsidiary agreements to construct about 11 fishing harbours and landing sites as well as the Accra Metropolitan Area Intelligence Traffic Management Projects. She further spoke about how debt sustainability was one of the key economic policy objectives being pursued under the Ghana Beyond Aid Agenda of the government, noting that the West African nation was continuously working to reduce its debts to Gross Domestic Product ratio. Meanwhile, both Foreign Ministers stressed the importance of strengthening Ghana and China’s bilateral relationship which dates back to July 5, 1960. Ms Ayorkor Botchwey highlighted the warm path Sino-Ghana relations have taken under the leaderships of Presidents Akufo-Addo and Xi Jinping.

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