You are here: HomeBusiness2019 12 18Article 818758

Business News of Wednesday, 18 December 2019


Ghana, China sign US$ 42.62m grant agreement

Ken Ofori-Atta and His Excellency, H. E. Shi Ting Wang Ken Ofori-Atta and His Excellency, H. E. Shi Ting Wang

Government through the Ministry of Finance have signed a US$ 42.62 million (RMB 300 million) grant project agreement with the Republic of China to support the implementation of economic and technical projects.

At the signing ceremony, the Minister for Finance, Ken Ofori-Atta acknowledged the immense support the People’s Republic of China has provided Ghana over the decades in the areas of infrastructure, ICT, trade and investment, tourism and education including TVET.

The Minister gave a positive over view of the Ghanaian economy, such as, introduction of tax reforms, declining inflation and interest rates, exchange rate also being relatively stable, all which go a long way to create an enabling environment for private sector to flourish.

Ofori-Atta stated that, the modest successes have improved the Ghanaian economy and created a business-friendly environment; ensured the continuous presence of a number of multinational corporations including automobile giants and some reputable Global Energy and Tech giants like Huawei.

“The recent signing of the Africa Continental Free Trade Agreement (AfCfTA) and being the host country of the secretariat of AfCFTA, the future prospects of Ghana-China Cooperation looks bright and exciting and, as a known champion of Ghana’s development, we will need your support in view of the significant changes the world is experiencing”, he said.

He added that, the Government is focusing on consolidating gains achieved by improving macroeconomic stability, as outlined in the theme of the 2020 Budget Statement and Economic Policy and building an inclusive society through a wide range of broad-based government flagship programmes.

The Ambassador of the People’s Republic of China, His Excellency, H. E. Shi Ting Wang also revealed that, the visit of the President of the Republic of Ghana to the People’s Republic of China had further deepened the collaboration between the two countries.

Ambassador Wang added that there had been several sod-cutting ceremonies of Sino Hydro projects, the launch of the Polytechnics, Technical and Vocational Training Centers Upgrading Projects and gave the assurance that China would soon hold a handing over ceremony to donate 100 Police vehicles to Ghana.

“H.E. President of China Xi Jinping has always been a good friend, a good partner and a good brother of Africa and under the Eight Initiatives of FOCAC Beijing Summit, will contribute the Chinese strength and wisdom to the goal of Ghana Beyond Aid”, he stated.

Touching on the grant agreement, the Ambassador disclosed that, Her Excellency Vice Premier of China, Madam Sun Chunlan, stated during her visit to Ghana, that the Government of China would provide a grant of 300 million RMB to the Government of Ghana, which shall be used to cover the expenses of the implementation of economic and technical cooperation projects between the two countries.

The Ambassador pledged his commitment to working closely with the Government, support the people of Ghana to improve the friendship between Ghana and China.