Ghana’s president, Nana Addo Dankwa Akufo-Addo, has stated that he does not see any issues with China’s involvement in the country’s economy.
The President of Ghana, Nana Akufo-Addo, made the observation that China has demonstrated itself to be a dependable partner in times of difficulty.
Akuffo-Addo’s comment comes after an IMF study on Ghana for the year 2023 said that China could take control of the country’s natural resources and energy income as a result of Ghana’s inability to pay about $1.9 billion in debt. His comment comes after the IMF report.
Nana Akufo-Addo stated, while speaking at the Qatar Economic Forum in Doha, that the investment that China has made in Ghana has been helpful.
No problem with Chinese involvement in Ghana’s economy – Prez Akuffo-Addo
“Well, I don’t have any complaints about Chinese involvement in the Ghanaian economy,” the speaker said. “Well, that’s good. Although they have been of great assistance, the West is divided on the subject of their usefulness.
“They have been friends for us, and when it comes to difficult situations, they have shown themselves to be a strong partner,” President Akufo-Addo pointed out.
Since the year 2000, China has been a significant source of financial assistance for Ghana in the form of loans. Over the course of two decades, the nation has borrowed close to $5 billion in total from China in order to finance significant construction projects, including roads, bridges, and power plants.
The government of Ghana has used the money from these loans to develop the country’s infrastructure and stimulate the economy.
However, in addition to this, they have left the nation in a state of severe debt. The external debt portfolio of Ghana is now over $30 billion, and the country is having difficulty making payments on its obligations.
However, there are complaints that Chinese loans to Ghana come with terms that are not in the country’s best interest.
Ghana is currently experiencing an economic crisis, which has made it even more challenging for it to repay its obligations.
A few days ago, the International Monetary Fund (IMF) granted Ghana approval for a loan of $3 billion in order to assist the country in maintaining economic stability.
However, the loan from the IMF is simply a solution for the short term. Long term, Ghana’s debt burden needs to be reduced, and the country needs to figure out how to do so. To accomplish this goal, it will be necessary to implement economic reforms while also requesting debt relief from its creditors.
Ghana is not the only nation in the world facing significant financial challenges. Numerous developing nations are contending with analogous challenges.