The Australian High Commissioner, Andrew Barnes, has impressed on the urgent need for transparency and accountability so as to prevent Ghana from entering into bad and expensive loans.
Andrew Barnes in a reaction to the controversial $50 billion bond with China, the Australian ambassador decried how the Akufo Addo government entered into the said agreement without opening up with the details.
“I can’t stress enough that there’s got to be transparency and there’s got to be a free and fair tendering process for contracts in foreign investments,” Mr. Barnes said.
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.
Part of the 8 MoUs signed between Ghana and China was the one-belt-one-road agreement. This agreement, signed between Ghana and China, is to improve the country's infrastructure.
It 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.
Another interesting part of the deal was the $2 billion Sino-Hydro deal which is expected to secure the financial instruments that will help government embark on various infrastructure projects across the country. This includes the one-district-one-factory project.
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Source: Yen Ghana