Foreign Minister assures Chinese counterpart of judicious utilization of CDB Loan

Accra- Madam Shirley Ayorkor Botchwey, the Minister of Foreign Affairs and Regional Integration, has told the Government of China that Ghana is making good progress with the utilisation of the $3 billion China Development Bank (CDB) Loan.

A statement issued by the Ministry of Foreign Affairs and Regional Integration, and copied to the Ghana News Agency, said Madam Botchwey briefed the Chinese Government about how the loan facility was being utilised when she held bilateral talks with her Chinese counterpart, Wang Yi.

It said the talks were held on the sidelines of the Forum on China-Africa Cooperation (FOCAC) Coordinators’ meeting which took place recently in China.

Madam Botchwey told Mr Wang, that out of the $3 billion, $1 billion had been utilized to successfully complete the Western Corridor Gas Infrastructure Project and the Integrated National Security Communications Enhancement Project (ICT).

Madam Botchwey said Ghana intends to use $1 billion of the facility for two major railway projects.

She said Ghana’s Minister of Finance would be working out the details with his Chinese counterpart.

She said the Ghanaian Finance Minister shall also seek his Chinese counterpart’s support for the two projects which were critical to the opening up of the untapped areas of Ghana’s economy.

Madam Botchwey revealed that the Government of Ghana had established the Ghana Integrated Aluminum Development Corporation to develop the nation’s aluminum industry, which was earnestly seeking partners to build the aluminum refinery, the proceeds of which would go towards servicing the facility.

She recounted that Ghana and China had signed two subsidiary agreements to construct about 11 fishing harbours and landing sites as well as the Accra Metropolitan Area Intelligence Traffic Management Projects.

Furthermore, she spoke about how debt sustainability was one of the key economic policy objectives being pursued under the Ghana Beyond Aid Agenda of the Government of Ghana, noting that the West African nation was continuously working to reduce its debts to Gross Domestic Product ratio.

The statement said both Foreign Ministers stressed the importance of strengthening Ghana and China’s bilateral relationship which dates back to July 5, 1960.

Madam Botchwey highlighted the warm path Sino-Ghana relations have taken under the able leaderships of Presidents Akufo-Addo and Xi Jinping.

Source: Ghana News Agency