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Ghana parliament approves $3 billion Chinese loan
Reuters ^

Posted on 08/31/2011 11:08:50 AM PDT by AfricanChristian

ACCRA, Aug 26 (Reuters) - Ghana's parliament on Friday approved a $3 billion Chinese loan and the country's finance minister said the west African nation was in talks with China's Exim bank for loans worth another $6 billion, which are part of a broader Chinese package.

The money is part of a total $13 billion in agreements signed in September 2010 between Ghana and the China Development Bank and China Exim Bank aimed at developing infrastructure projects, including in the oil and gas sector.

Doe Adzaho, deputy speaker of Ghana's parliament, said the bill was approved by acclamation, so no vote was needed.

"We have started the negotiations (on the $6 billion loan) and it's going well," finance minister Kwabena Duffuor said, adding that the details will be put before parliament after work is completed on the current $3 billion facility.

Duffuor said the loans are among the biggest so far contracted by Ghana, but are comparatively cheaper than floating a Eurobond.

(Excerpt) Read more at af.reuters.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: africa; china; ghana
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1 posted on 08/31/2011 11:08:56 AM PDT by AfricanChristian
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To: AfricanChristian

Soon to be another Chinese colony?


2 posted on 08/31/2011 11:13:56 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: no-to-illegals

ping


3 posted on 08/31/2011 11:18:34 AM PDT by AfricanChristian
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To: AfricanChristian; GeronL

You know what happens to whores when they are old and worn out and can no longer produce.


4 posted on 08/31/2011 11:22:06 AM PDT by onona (Busted !! (got caught looking at Allegra's tagline :( .)
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To: GeronL

A few points.

1. Ghana is one of the better run African nations (several elections, strong civil society, strong institutions).
2. Ghana is pro-Western.
3. Americans are woefully ignorant of how strategically important Africa is.
4. The Chinese are not.
5. That is why the Chinese are providing loans at better rates than the West (their $3 trillion surplus has to be used for something, and this is only a drop in the bucket).
6. Ghana is negotiating an even bigger loan ($6 billion) with the Chinese.
7. American foreign policy in Africa is limited to Oil and Gas, Counter-Terrorism (Somalia and a few other places) and Humanitarian aid. It is too narrowly focused.
8. Please stop suggesting that the Chinese are about to colonise Africa if you cannot provide proof.


5 posted on 08/31/2011 11:33:35 AM PDT by AfricanChristian
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To: AfricanChristian

This is just the start, sooner or later Ghana will have borrowed so much it couldn’t pay the interest if it wants to. That is when the Chinese get bargain prices for vast mineral deposits etc.

No, there has never been foreign colonies in Africa, never. Baghdad Bob told me so.


6 posted on 08/31/2011 11:38:13 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: AfricanChristian
8. Please stop suggesting that the Chinese are about to colonise Africa if you cannot provide proof.

Also, they have a constitution based on udeo-Christian values. Ghana has come a long ways since the days of the anti-American racist cannibal Idi Amin's days.
7 posted on 08/31/2011 11:54:47 AM PDT by John 8_58 ( "Most assuredly, I say to you, before Abraham was, I AM.")
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To: AfricanChristian
OOPS!

I meant they have a constitution based upon Judeo-Christian values.
8 posted on 08/31/2011 11:56:30 AM PDT by John 8_58 ( "Most assuredly, I say to you, before Abraham was, I AM.")
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To: AfricanChristian

Went out to do some research (Ghana) before coming to the ping. This is a blessed country in terms of resources, and economy. Ghana’s resources are providing a suitable lifestyle for the population, and Ghana’s resources enable trade for an enriched lifestyle. Not certain why Ghana thinks borrowing money is a necessity.


9 posted on 08/31/2011 12:04:10 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: AfricanChristian

From our State department:

http://travel.state.gov/travel/cis_pa_tw/cis/cis_1124.html#traffic_safety

Primary roads are generally paved and well maintained. However, some side roads within major cities and many roads outside of major cities are in poor condition. The road from Accra to the central region tourist area of Cape Coast continues to be the site of many accidents. Travel in darkness, particularly outside the major cities, is extremely hazardous, due to poor street lighting and the unpredictable behavior of pedestrians, bicyclists and farm animals, particularly goats and sheep. Aggressive drivers, poorly maintained vehicles, and overloaded vehicles pose serious threats to road safety.

Another hazard are pedestrians who intentionally bump vehicles and pretend to be hit. They then attempt to extort money from the vehicle occupants. Scams of this nature most commonly occur in congested urban areas.

The safety standards of the small private buses that transit roads and highways are uncertain. Travelers are encouraged to consider this when making travel arrangements.

Armed robbers have targeted travellers following their arrival at Kotoka airport. An increasingly used tactic is to deliberately cause a minor road traffic accident to make a car stop, and to then rob the occupants. If your car is hit by another car it is best to drive to the nearest police station to sort out the incident. Otherwise, all drivers, particularly at night, should remain vigilant, and drive with doors locked.

There has been an increase in incidents of highway robbery on the road from Kintampo to Tamale in the Brong Ahafo and Northern regions. Travelers along this route should exercise due caution.

Until it is safe for all to travel and transport goods, Ghana will never prosper. Let’s hope infrastructure includes law enforcement.


10 posted on 08/31/2011 12:06:29 PM PDT by gandalftb (11th MEU TRAP force)
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To: John 8_58

You really need to brush up on your geography. Idi Amin was the ruler of UGANDA in EAST AFRICA. Uganda is about 2,300 MILES from GHANA.

GHANA is in WEST AFRICA. KWAME NKRUMAH (OSAGYEFO) was the first president of Ghana.

We really have a problem here!! (The only conservatives that know anything about Africa are the Mormons).


11 posted on 08/31/2011 12:15:14 PM PDT by AfricanChristian
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To: gandalftb

Looks as though the post (mine) above yours is fraught with error.


12 posted on 08/31/2011 12:19:28 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: no-to-illegals

As the State Department travel advisory will tell you, they have an infrastructure deficit. They need money to build new infrastructure and it is very difficult for African nations to raise money internally (and capital market rates tend to be prohibitively high).

So they are forced to go to the Chinese. Chinese rates are lower than Eurobonds and nobody, even America’s closest allies will willingly borrow such a volume of money from the World Bank.

You will soon start seeing many nations on Europe’s periphery borrowing from the Chinese.


13 posted on 08/31/2011 12:20:46 PM PDT by AfricanChristian
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To: no-to-illegals

As the State Department travel advisory will tell you, they have an infrastructure deficit. They need money to build new infrastructure and it is very difficult for African nations to raise money internally (and capital market rates tend to be prohibitively high).

So they are forced to go to the Chinese. Chinese rates are lower than Eurobonds and nobody, even America’s closest allies will willingly borrow such a volume of money from the World Bank (if they are alternatives).

You will soon start seeing many nations on Europe’s periphery borrowing from the Chinese.


14 posted on 08/31/2011 12:21:10 PM PDT by AfricanChristian
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To: gandalftb

Well, I was in Ghana recently and I don’t know where the State Department is getting all its facts from.

I was at Accra and I saw quite a large number of Western backpackers (you see ZERO backpackers in Lagos, Nigeria). Accra was generally safe, the people were warm and friendly and the roads were paved and well maintained.

I know many Westerners who would rate Ghana as being safer than London.

Finally, you CANNOT do business in Africa if you are excessively risk averse (and this is where the Chinese have a distinct advantage).


15 posted on 08/31/2011 12:28:44 PM PDT by AfricanChristian
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To: AfricanChristian; Black Agnes

The Chinese will own most of sub-Saharan Africa in 25 years.

In 100 years, there will be more Chinese than Africans in Africa.


16 posted on 08/31/2011 12:31:03 PM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

Nonsense.


17 posted on 08/31/2011 12:58:34 PM PDT by AfricanChristian
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To: AfricanChristian
The State Department gets its facts from documented incidents that they investigate. It is extraordinary to find these kinds of concerns on a State Department advisory. State is usually very charitable and understated.

Ghana is far safer than its neighbors, agreed. Again, lets hope law enforcement gets money for training and not bribes.

18 posted on 08/31/2011 3:28:01 PM PDT by gandalftb (11th MEU TRAP force)
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To: GeronL
This is just the start, sooner or later Ghana will have borrowed so much it couldn’t pay the interest if it wants to. That is when the Chinese get bargain prices for vast mineral deposits etc.

Like the US of A? At least they are both borrowing from the Chinese.

19 posted on 08/31/2011 7:37:16 PM PDT by AfricanChristian
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To: AfricanChristian

yep. I am just wondering if China will end up tolling all our highways and how much other tribute we will owe.


20 posted on 08/31/2011 10:24:11 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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