- Ghana has entered into 8 economic agreements with the Republic of China
- This happened when President Akufo-Addo visited the Chinese president ahead of the Africa-China Summit
The government of Ghana has renewed its trade partnership with China in what has been seen as an iconic presidential visit by Akufo-Addo to the Republic of China.
The economic engagement, which leads up to the main China-Africa Summit.
It is very clear that Nana Addo's visit to China saw Ghana and China enter into some great trade deals of which YEN.com.gh chronicles 7 major events that took place.
1. The presidential match
President Akufo Addo was met with a presidential match which saw the Chinese army introduce him with a salute as the Chinese president, Xi Jinping, introduced him to high officials of the Chinese government.
2. The one-belt-one-road agreement
This agreement, signed between Ghana and China is to improve the country's infrastructure. This agreement is expected to see Ghana's rail sector extended and also given a facelift. “We are thinking about a railway network that is intended to be a part of the Belt and Road Initiative, which will link our country to the Maghreb Region, and, thereby, recreate the old trade route that linked the Southern part of West Africa to North Africa,” Nana Addo stated.
3.Ghana's health and China
The government of Ghana also entered a pact with China on the strengthening of Ghana's health systems. The “Co-operation to carry out Maternal and Child Health Project” will see China pump in many investments to help improve upon maternal and child health in the country.
4. Agreements on financing insurance co-operation
This $2 billion Sino-Hydro deal is expected to secure the finance instruments that will help government embark on various infrastructure projects across the country. This includes the one-district-one-factory project.
The $2 billion Master Project Support Agreement (MPSM) between the Government of Ghana and Sinohydro Corporation Limited for the construction of infrastructure projects in Ghana will be one of the greatest economic agreements ever.
5. Agreement for the Ghana police
The Ghana police service was not left out of the agreement. Nana Addo and the Chinese president signed a “Cooperation on the supply of police vehicles to the Ghana Police Service.” This agreement is to aid the Ghana police service with the needed logistics to ensure efficiency.
6. The expansion of stadium and university
The government of Ghana signed a cooperation agreement on Phase 2 project of the University of Health and Allied Sciences and the expansion of the Cape Coast Stadium. Should this agreement go through, the government through China will experience some massive infrastructure advancement in the coming years.
7. First lady's unveiling of sports kit
Rebecca Akufo-Addo, on 2nd September 2018, visited Star Times Corporation in Beijing, to witness the unveiling of a football kit designed to be used by Ghanaian children in a sports exchange programme. The First Lady signed a Memorandum of Understanding between her foundation, the Rebecca Foundation, and Licang District Experimental School, in Qingdao, to establish an exchange programme, between Ghanaian and Chinese schoolchildren.
Economic trade between China and Africa rose to14 percent last year totaling $170bn. So far, China has been Africa's biggest trading partner in the past ten years and its resources have helped fuel China's transformation into the world's second-largest economy.
Africa is in the middle of a boom in infrastructure projects, managed and cheaply financed by China. Some Chinese manufacturers are expanding to Africa, but the bulk of Chinese investment goes into mining or construction of roads and other infrastructure.
Meanwhile, there are fears that African countries, including Ghana, are piling up so much Chinese debt that could not be paid in the future.
This troubling development could leave African nations with no choice but to hand over controlling stakes in strategic assets to China.
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