Ghanaian President Nana Addo Dankwa Akufo-Addo said that China's investment in Ghana's economy is beneficial to the West African country and he doesn't regard it as a problem.
"Well, I don’t have any criticisms about Chinese involvement in the Ghanaian economy. They have been very helpful, it’s a matter of controversy in the West," Akufo-Addo pointed out.
According to him, China has, through the years, become a "strong friend" that has supported Ghana’s economy in the "time of difficulties."
The president added that Ghana's principle has traditionally been to attain friendship with whoever seeks friendship with it.
"Our country has historically been outward-looking, that has insisted on that much as possible friendship with all those who want to be friendly with Ghana," the president noted.
According to the International Monetary Fund (IMF), Ghana's collateralized debt, entirely held by China, accounts for 2% of external debt, which corresponds to 4 loan agreements signed in 2007-2018 that amount to $619 million (0.9% of GDP) to finance infrastructure projects., the IMF report said.
On May 19, the IMF approved a multibillion-dollar loan to Ghana to help the West African country "rebuild" its struggling economy, which has been hit hard by the COVID-19 pandemic and other domestic and global factors.