President Nana Addo Dankwa Akufo-Addo says he finds no problem with the Chinese involvement in the Ghanaian economy.
President Akufo-Addo remarked that China has proven to be a reliable partner in times of difficulty.
His 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.
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.
There are however criticisms that Chinese loans come with unfavourable conditions for Ghana.
The current economic crisis has made it even more difficult for Ghana to repay its debts.
The International Monetary Fund (IMF) approved a $3 billion loan for Ghana a few days ago to help the country stabilize its economy.
However, the IMF loan is only a short-term solution. Ghana needs to find a way to reduce its debt burden in the long term. This will require a combination of economic reforms and debt relief from its creditors.
Ghana is not the only country that is struggling with debt. Many developing countries are facing similar problems.