CHINA TO HAVE ACCESS TO GHANAβs MINERAL REVENUE,ELECTRICITY SALES IN DEFAULT OF 4 LOANS -IMF
For Ghana, Chinese loans have been a reliable funding source for four major projects since the year 2000. Accra has racked up close to $5 billion in two decades from at least 41 Chinese loans.
After several years of near-unbridled borrowing, Ghana is now debt-trapped and wading through its worst economic crisis in a generation, with a current external debt portfolio exceeding $30 billion.This loan agreement means in the event Ghana defaults on honouring its debt obligation, China has the right to use proceeds from Ghanaβs oil, cocoa, bauxite or even the sales from electricity to settle the debt.
In many debt negotiations taking place within the developing world, China appears to be the most crucial party at the negotiation.
For Ghana, Chinese loans have been a reliable funding source for four major projects since the year 2000. Accra has racked up close to $5 billion in two decades from at least 41 Chinese loans.
After several years of near-unbridled borrowing, Ghana is now debt-trapped and wading through its worst economic crisis in a generation, with a current external debt portfolio exceeding $30 billion.This loan agreement means in the event Ghana defaults on honouring its debt obligation, China has the right to use proceeds from Ghanaβs oil, cocoa, bauxite or even the sales from electricity to settle the debt.
In many debt negotiations taking place within the developing world, China appears to be the most crucial party at the negotiation.
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