President Nana
Addo Dankwa Akufo-Addo says he finds no problem with the Chinese involvement in
the Ghanaian economy.
President
Akufo-Addo remarked that China has proven to be a reliable partner in times of
difficulty.
His comment
comes after an IMF report on Ghana for the year 2023 says China may take
control of the country’s natural resources and electricity revenues following
Ghana’s inability to pay some $1.9 billion debt.
Speaking at the
Qatar Economic Forum in Doha, Nana Akufo-Addo says China’s investment in Ghana
has been beneficial.
“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 pointed out.
Ghana has been a
major recipient of Chinese loans since the year 2000. In two decades, the
country has borrowed close to $5 billion from China for major projects, such as
roads, bridges, and power plants.
These loans have
helped Ghana to improve its infrastructure and boost its economy. However, they
have also left the country deeply indebted. Ghana’s external debt portfolio now
exceeds $30 billion, and the country is struggling to repay its debts.
There are
however criticisms that Chinese loans come with unfavourable conditions for
Ghana.
The current
economic crisis has made it even more difficult for Ghana to repay its debts.
The
International Monetary Fund (IMF) approved a $3 billion loan for Ghana a few
days ago to help the country stabilize its economy.
However, the IMF
loan is only a short-term solution. Ghana needs to find a way to reduce its
debt burden in the long term. This will require a combination of economic
reforms and debt relief from its creditors.
Ghana is not the
only country that is struggling with debt. Many developing countries are facing
similar problems.
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