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Home » Headlines » Sankofa:Ghana Will Soon Belong To China! Ghana Gets $10.4 Billion Loan From China Exim Bank For A Train Instead of Roads and Classrooms.

Sankofa:Ghana Will Soon Belong To China! Ghana Gets $10.4 Billion Loan From China Exim Bank For A Train Instead of Roads and Classrooms.

Ghana’s government signed a $10.4 billion concessionary-loan agreement with Export-Import Bank of China for the development of rail, road and energy infrastructure in the West African nation.

An accord was signed in Beijing on the third day of a five- day visit to China by Ghanaian President John Atta Mills, the government said on its website. The loan will be repaid over 20 years, it said.

 

The facility is the second to be announced during the Ghanaian president’s visit to China, following a $3 billion loan-accord signed with the China Development Bank for the development of Ghana’s energy industry, the statement shows.

“The total facility so far clinched amounts to $14 billion, including a $260 million package for expansion works projects and $150 million for Ghanas „econimi„-governance project, and a grant of 100 million yuan ($15 million).

Ghana will become Africa’s newest oil producer later this year when crude starts flowing from the offshore Jubilee oil field in December. Output is expected to a total of 120,000 barrels a day by 2011.

Mills also signed an agreement with the Bosai Minerals Group that will enable the Chinese mining company to spend $1.2 billion building an alumina refinery in Ghana, the Ghanaian Times reported today. The funds will be invested in Ghana Bauxite Co., of which Bosai owns 80 percent. BUT NO INVESTMENT IN SCHOOLS, ROADS, ELECTRICTY AND DRINKING WATER!

FRANCIS TAWIAH (Duisburg – Germany)

 

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