Ghana signs two agreements with China

Accra, May 18, GNA - Ghana on Monday signed two agreements, a grant and an interest-free loan totalling 4.4 million dollars (about 30 million Yen) with China.

The grant is 20 million Yen and the interest-free loan 10 million Yen, would assist Ghana to embark on mutually agreed projects by both countries.

In addition, Chinese Government would provide furniture worth 500,000 dollars to furnish the office complex of Ghana Armed Forces at Burma Camp in Accra.

Dr Kwabena Duffuor, Minister of Finance and Economic Planning, who signed on behalf of Ghana, said the assistance, which fell under the Technical Co-operation Agreements indicated the commitment of the Chinese Government to continuously offer economic support in times of difficulty.

He said Chinese Government's development assistance to Ghana which had increased tremendously in the past few years was a reflection of the deepening bilateral co-operation between the two countries which was also based on mutual respect and the increasing economic and political influence of China in global affairs.

Dr Duffuor said the Chinese development assistance to Ghana since 2006 including those disbursed and those in respect of which agreements had been signed, totalled about 650 million dollars. These were concessional loans, buyers' credits, interest-free loans, grants, Bui Power Project, infrastructure for schools and other technical assistance.

Dr Duffuor said Ghana was grateful to the Chinese Government for its continuous support and the cancellation of Ghana's debt of about 43 million dollars owed her since 1972.

He appealed to China to consider and approve Ghana's pending applications for concessional loans for the Kpong Water Supply Expansion Project and the second phase of the Dedicated Communication System for Security Agencies Project.

Dr Duffuor stressed the need for the two countries to explore other areas of co-operation such as road and railway infrastructure, manufacturing, oil and gas exploration.

He pledged Government's commitment to continue the implementation of all Chinese Government-supported projects initiated by the New Patriotic Party (NPP) Government that were within the priorities of the National Democratic Congress (NDC) Government's administration. Mr Yu Wenzhe, Chinese Ambassador to Ghana, said the monies would be disbursed immediately the two countries agreed on projects. He said China's bilateral relations with Ghana could be traced to independence, where both governments had been working together to bring about economic relief during difficulty.

Mr Yu pledged China's commitment to ensuring continuous support for Ghana's development and encouraged the Ghanaian business community to collaborate with their counterparts in China to promote healthy business and investment in both countries. 18 May 09