Akufo-Addo Embraces Chinese Involvement in Ghana’s Economy
President Nana Addo Dankwa Akufo-Addo expressed his support for Chinese involvement in Ghana’s economy, highlighting China as a reliable partner that has provided crucial support during challenging times. His comments came in response to an IMF country report that warned of potential consequences if Ghana were to default on a $1.9 billion debt, including the potential loss of mineral resources and electricity revenues to China.
Speaking at the Qatar Economic Forum in Doha, President Akufo-Addo emphasized the importance of Chinese investments for Ghana’s economic growth and development. While the Western world may have criticisms about Chinese involvement, he viewed China as a friend and strong partner, particularly in times of difficulty.
Ghana has been a significant recipient of Chinese loans since 2000, borrowing nearly $5 billion to fund major infrastructure projects. However, concerns have been raised about the unfavorable terms of these loans, which have contributed to Ghana’s mounting external debt. The country’s current external debt exceeds $30 billion, leading to concerns about its sustainability