Ghana eyes $6b loan from China Exim Bank

Ghana has initiated negotiations with the China Exim Bank (CEB) for a $ 6-billion loan facility which will be used to accelerate social infrastructural development.

The amount is separate from the $3 billion facility already granted to Ghana by the Chinese Development Bank (CDB) for processing of gas from the Jubilee Oil Fields and other projects.

An amount of $1 billion out of the already granted $3 billion loan is due for disbursement from the CDB for gas processing while the other $2 billion to be released later would cater for the Takoradi Harbour expansion project, the Western railways lines rehabilitation and the Accra Plain irrigation among others.

The Vice President, Mr John Dramani Mahama, made this known at the Kotoka International Airport on his return from China yesterday.

Explaining the $6 billion, Mr Mahama said when discussions and all documentation were completed, the amount would come in $ 2-billion tranches and would be used for social infrastructure such as education, health, electricity and water.

He was frank that discussions on the $ 6 billion had not been pursued with all the force required, but noted that during one of the meetings, the Chairman of the Exim Bank gave assurance that things would be facilitated.

Source: Daily Graphic

  1. JJ says

    Black Africans are slaves and continue from generations to generations because are leaders are criminals, greed, corrupt. For 55years still with crab spirit. Ghana is still a village and Africa cannot solve even a simple problems, people don’t have the basics, water, electricity, food which have to be imported, donor handouts poor leadership.

  2. JJ says

    Ghana will be 95% Chinese in few months, Ghanaians will be minority, it will be sold just like slavery days. by these Leaders. For 55years nothing to show for except Geroge Bush 15 kilometer highway.

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