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Ghana seek to enhanced relationship with China: Finance Minister

Ghana’s new government seeks to develop an enhanced relationship with China, Minister for Finance Kenneth Ofori-Atta said here late Sunday.

According to him the government would be holding its second meeting with the Embassy of China in Ghana on Monday to discuss ways of further cooperation.

“We will be holding our second meeting with the Chinese Embassy since we came to government tomorrow, Monday to hold discussions on enhanced relations,” the finance minister disclosed.

Addressing a selected group of media houses here, Ofori-Atta said the purpose of engaging with China is to see ways China would support the government and the country’s economic direction.

Ofori-Atta who is expected to present the new government’s first budget in March also indicated that his team would be holding discussions with the International Monetary Fund (IMF) with whom Ghana has a three-year Extended Credit Facility (ECF) which ends in April 2018.

He said the team would discuss with IMF on how fiscal consolidation will be achieved under the program targets.

The meeting with the Chinese Embassy is the second since President Nana Akufo-Addo was sworn in on January 7, noting that loans would be on the agenda.

China Development Bank agreed a $3 billion loan facility with Ghana in 2011 but only about $1 billion was disbursed.

China plays a major role in Ghana’s economy, both as a source of imports of consumer goods and also as an importer of Ghana’s gold, oil and cocoa.

Akufo-Addo came to power after campaigning on promises to create jobs, restore fiscal discipline and promote development while seeking to restore Ghana to its position as one of Africa’s most dynamic economies.

 

Source: Xinhua | Updated Feb 6

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