President Nana Addo Dankwa Akufo-Addo has stated that he has no problem with the involvement and participation of the Chinese in Ghana’s economy.
According to him, China has, through the years, become a reliable partner that has supported Ghana’s economy in very difficult and trying times.
He made the remarks following a recent IMF country report that indicated that Ghana will likely lose its mineral resources and electricity revenues to China should the country default on paying a $1.9 billion debt.
Speaking during a panel discussion at the Qatar Economic Forum in Doha, President Akufo-Addo said investments from China has been vital to Ghana’s economy growth and development.
“Well, I don’t have any criticisms about Chinese involvement in the Ghanaian economy. They have been very helpful, it’s a matter of controversy in the West. For us, they have been friends and in terms of difficulty they have proven to be a strong partner,” President Akufo-Addo said.
Since 2000, Ghana has been a major recipient of Chinese loans with the country borrowing close to $5 billion from the Asian country which has been spent on major infrastructure projects.
While majority of these loans have been expended on these projects, there are concerns that the terms of the loan have not been unfavourable to Ghana, leaving the country highly indebted.
Currently, the external debt component of Ghana has surpassed $30 billion, which has been described as unsustainable debt levels.