- Nana Addo has lobbied for the establishment of the Africa headquarters of Alibaba in Ghana
- The president met with China's richest man, Jack Ma, and engaged in trade talks
- The engagement come after the Ghana-China meetup which saw Ghana secure $50 billion
President Akufo-Addo has met with one of the world's billionaires and also China's richest man, Jack Ma.
This iconic engagement between the president and Jack Ma comes in the wake of a $50 Billion loan facility from China to Ghana which is expected to be financed in the next 100 years.
According to Akufo Addo, he had lobbied the CEO of Alibaba Group to establish the Africa headquarters of the company in Ghana.
"...Alibaba Group, the world's largest e-commerce business, is, amongst others, looking to partner countries in Africa, so as to help them boost their export capacities using the Alibaba platform, and also help nurture "tech talents" in Ghana and Africa.In our interaction, I also urged him to consider establishing the headquarters of Alibaba's Africa operations in Ghana," excerpts of the president's statement revealed.
Alibaba Group, the world’s largest e-commerce business, is, amongst others, looking to partner countries in Africa, so as to help them boost their export capacities using the Alibaba platform, and also help nurture “tech talents” in Ghana and Africa.
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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