Ghana and China have signed a $30 million grant agreement to support the construction of a university in Damongo, underscoring deepening development cooperation between the two countries.
The agreement was signed during a meeting between Ghana’s Minister for Finance, Dr Cassiel Ato Forson, and the outgoing Chinese Ambassador to Ghana, Tong Defa, officials said.
Dr Forson expressed appreciation on behalf of President John Dramani Mahama and the people of Ghana, commending the ambassador for his contribution to strengthening bilateral ties. He noted that although Tong’s tenure in Accra was brief, it coincided with the conclusion of two major grant agreements: funding for a multipurpose market in Aflao and the $30 million grant for the Damongo university.
The finance minister highlighted the broader role of Chinese support and investment in Ghana’s economy, reaffirming that Accra values its long-standing relationship with Beijing. He traced the partnership back to the era of Ghana’s first president, Kwame Nkrumah, and China’s founding leader, Mao Zedong.
Looking ahead, Dr Forson said Ghana was keen to deepen economic cooperation by reducing exchange losses associated with bilateral trade. He indicated interest in exploring trade settlements in the Ghanaian cedi and the Chinese renminbi (RMB), arguing that reliance on third-party currencies is inefficient for direct trade between the two countries. He added that discussions would be pursued at the policy level, including engagement with the Bank of Ghana.
Ambassador Tong thanked the finance minister for the cooperation and support he received during his tour of duty and congratulated Ghana on improving economic performance. He said he was proud of the state of Ghana–China relations and encouraged by the tangible outcomes achieved within a short period, particularly in development cooperation.
The Damongo university project is expected to expand access to higher education in northern Ghana and support regional development once completed.