China Shifting Demands On A $3 Bln Loan To Cash Strapped Ghana

China Shifting Demands On A $3 Bln Loan To Cash Strapped Ghana

From Spy Ghana

Ghana has already paid a commitment fee of $54 million in order to access the $3billion China Development Bank (CDB) loan, according to the Minority Spokesperson on Finance, Dr. Anthony Akoto Osei.

Dr Akoto Osei said unfortunately only $600million has been disbursed by the Chinese bank so far. The Chinese government appears to be dilly dallying in the disbursement of the $3billion signed in 2011.

It has become an albatross around the neck of the Mahama administration, as the Chinese government continues to make more unpalatable demands.

Dr. Akoto Osei said President Mahama should fly to China as a matter of urgency to re-negotiate the $3billion loan.

Dr. Akoto Osei told Joy FM that Ghana has had to cough up $54 million in commitment fees after receiving about $600 million so far.

On December 8, 2009, the China Development Bank (CDB) agreed to provide Ghana with a loan of $3billion for a package of projects the majority of which are related to infrastructural development.

The loan was signed by CDB and Ghana on December 16, 2011. In February 2012, Parliament approved the agreement at the recommendation of the then Deputy Speaker of Parliament, Edward Doe Adjaho.

The Minority called it a “bad agreement…from day one.”

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