President Nana Addo Dankwa Akufo-Addo has watered concerns on the impact of China on the Ghanaian economy.
The President said he sees noting wrong with China’s assistance to Ghana.
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.
The President’s 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.
The International Monetary Fund (IMF) has approved a $3 billion loan for Ghana to help the country stabilize its economy.