China urges Ghana to take advantage of $500b financing for international development

A Chinese official has told Ghana to take advantage of $500 billion financing that the country has set aside for international development.

Mr Zhou Yuxiao, China’s Special Envoy on the forum for China-Africa Cooperation told the Vice-President of Ghana that China has earmarked $500 billion for overseas developments and Ghana should take advantage of the opportunity.

The Vice President, Kwesi Amissah-Arthur called on the Chinese private sector to take advantage of the favourable environment to invest in the country.

He said over the years relations between Ghana and China has been too one-sided with both governments signing contracts for projects.

Vice President Amissah-Arthur said this when he received a Chinese delegation led by Mr Yuxiao at the Flagstaff House in Accra.

The five-member delegation was at the Flagstaff House to inform the government about the China-Africa Cooperation summit slated for the last quarter of the year in South Africa.

Vice President Amissah-Arthur also invited Chinese financial institutions to establish businesses in the country to assist Ghanaian traders who travel to China for business activities.

He commended the Chinese government for assisting the country with many credit facilities to undertake projects such as the Atuabo Gas Processing plant, many road infrastructure and railways.

He said there is the need for closer relations between Ghana and China in terms of trade and investments adding that Ghana and China have had 55 years of relations since the days of Dr Kwame Nkrumah and Chairman Mao.

Mr Zhou said China has earmarked $500 billion for overseas developments and urged Ghana to take advantage of the opportunity.

He said the China-Africa Cooperation has been around for more than 15 years and options are being sought on how to grow and advance it bigger and better.

Mr Zhou who expressed appreciation for 55 years of bilateral relations, which has been beneficial.

He said trade between the two countries has increased significantly as well as foreign direct investments.

Mr Zhou said China wants to move from its traditional trade relations with its partners to a new cooperation of industrialisation.

He said the country has a lot of expertise and is ready to transfer some of the know-how to its partners.

Source: GNA