West African Republic, Ghana has reportedly made plans to invest USD 50 billion as a part of its strategy to secure the nation with a long-term funding. The move would eventually offer the country with critical infrastructure for industrial development, claim sources.
As per Bloomberg, Ghana has reportedly signed eight contracts with China followed by talks between the two nations’ leaders in Beijing further settling on terms about the China-Africa Cooperation that seemingly starts from Monday.
During a meeting with Chinese President Xi Jinping in Beijing, Nana Akufo-Addo, President of Ghana, confirming the investment, was reportedly quoted stating that The Ministry of Finance and the economists in the nation are looking forward to pouring in USD 50 billion in a long-term century bond. The capital would provide the country with the resources to finance its infrastructural and industrial development, the President claims.
According to an official statement, the package of contracts includes an USD 2 billion infrastructure agreement which Ghana reportedly attained in July with the Chinese engineering and construction company, Sinohydro Corp. in a bid to develop railways and improve its roads to trade for bauxite.
Reportedly, China Harbour Engineering Co. has also agreed to build its marine facilities for a LNG (liquefied natural-gas) terminal in the port of Tema, which the company claims is currently under construction. Further, Jiangnan Shipyard of China will also develop a floating regasification facility in the country.
As per sources familiar with the knowledge of the matter, when completed, the USD 350 million project will effectively provide Ghana with about 2 million tons of natural gas per year, that would eventually supply 30% of country’s total electricity generating capacity.
The remaining contracts are related to China’s Belt and Road Initiative, maternal health, aviation, construction projects and the supply of law enforcement vehicles.