Captain Smart Mentions 4 State Institutions China May Take Over If Ghana Fails to Pay Back Huge Debts
- Ghana risks losing some critical national assets to China over a huge debt to the Asian country, Captain Smart has warned
- The outspoken journalist mentioned the Tema Harbour, Ghana Broadcasting Corporation (GBC), Kotoka International Airport (KIA) and the Electricity Company of Ghana (ECG) as the likely assets that Ghana could lose
- Ghana owes China some $3.5 billion, which represents about a third of all its foreign debts
- Captain Smart of Onua TV said a similar takeover of national assets by China has once occurred in Uganda, Zambia and Sri Lanka
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Ouspokenn morning TV host Blessed Godsbrain Smart, known popularly as Captain Smart, has said Ghana risks losing its strategic revenue generators like Tema Habour to China over huge debts to the Asian giant.
He said China could take over the harbour, Ghana Broadcasting Corporation (GBC), Kotoka International Airport (KIA) and the Electricity Company of Ghana (ECG) if Ghana fails to pay her debts.
Ghana owes China a whopping $3.5 billion, which represents about a third of the $5.7 billion Ghana owes foreign creditors.
Analysts have said China's debt could be the stickiest as Ghana embarks on a debt restructuring after a chaotic domestic debt restructuring.
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The host of Onua Maakye local language morning show said if push comes to shove, China will do to Ghana what it did to Uganda, Zambia and Sri Lanka.
"In those countries, China took over their national assets like their airports and habours because they could not pay back their debts," Captain Smart told his audience in Twi on March 2, 2023.
Already, China has said it has become more cautious about lending to African countries due to signals that many of them could struggle to repay debts.
Ofori-Atta heads to China in March over Ghana's debts
Finance minister Ken Ofori-Atta postponed a planned high-level meeting with Chinese creditors over Ghana’s debt restructuring to late March after missing a February date.
The minister explained that the postponement was due to an important Chinese national event in March.
The finance minister has said Ghana needs China on the table at all costs due to the significant size of its loan to Ghana when compared to Ghana's foreign loans.
Ghana needs to clinch a debt restructuring agreement with its creditors as part of a process to secure a $3 billion bailout from the IMF.
Akufo-Addo assures Chinese cooperation will enable Ghana to clinch IMF deal
Meanwhile, YEN.com.gh has reported in a separate story that Nana Akufo-Addo on Tuesday, 28 February 2023 expressed optimism about Ghana clinching an IMF deal soon.
The president said cooperation will help the country secure the deal by the end of March.
Ghana is hopeful of China buying into its debt restructuring programme.
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