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Chinese government cancels 250 million Yuan Ghana debt

Ghana has received 300 million Yuan grant and 250 million Yuan debt write-off from the People’s Republic of China, as part of efforts to boost the nation’s infrastructural development.

Additionally, the rest of the $649 million being the first tranche of the Sinohydro Bauxite Barter Arrangement between the Chinese engineering and construction firm, Sinohydro Group Limited and Ghana Government has been approved by Sinosure, a Chinese credit and insurance firm, and expected in March, next year.

This came to light, when Vice President Dr Mahamudu Bawumia held bilateral talks with visiting Chinese Premier, Madam SUN Chunlan, at the Jubilee House, in Accra on Monday.

The governments of Ghana and China entered into a $2 billion Bauxite Barter Arrangement, when Vice President Bawumia led a government delegation to China in 2018.

The $2 billion-dollar Master Project Support would aid Ghana’s infrastructural development, and finance the construction of Tamale Interchange, Accra Inner City roads, Kumasi-Mampong Inner City roads, Hohoe-Jasikan road and Sunyani Inner City roads, as well as upgrading of some selected feeder roads across the country.

Vice President Bawumia also lauded the Chinese government for funding the construction of technical and vocational institutions in Ghana.

He expressed Government’s commitment to learn from the Chinese government’s human skill development model, in order to stimulate socio-economic growth in Ghana.

He lauded China for celebrating its 70th anniversary recently and believed the high-level visit by the Chinese Premier would move the relations between the two nations a notch higher.

For her part, the Chinese Vice Premier applauded the government of Ghana for the warm hospitality accorded her and the Chinese Delegation upon their arrival in Accra on Sunday, November 10.

She lauded President Akufo-Addo-led government for implementing various development initiatives under the “Ghana Beyond Aid” Agenda, including; the One-District, One Factory and Planting for Food and Jobs that stimulated Ghana’s economic growth, making her one of the fastest growing economies in Africa and the world

She noted that her visit would afford the two nations to plan towards implementing the Consensus reached at the Forum on China-Africa Cooperation (FOCAC) held in September 2018.

Some government officials present at the meeting included; Chief of Staff, Madam Akosua Frema Opare, the Finance Minister, Mr Ken Ofori-Atta, the Minister of Trade and Industry Mr Alan Kwadwo Kyerematen and Professor George Gyan Baffour, the Minister of Planning.

Source: GNA

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