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Sep 10, 2018 | Business & Finance

International Agreements Must Bring Positive Returns To Ghana

By CitiNewsRoom
International Agreements Must Bring Positive Returns To Ghana

The World Bank has said that it has no issue with bilateral relations between Ghana and China, but will insist that Ghana benefits from any deal it enters into with the People's Republic of China.

It says Ghana must prioritize the economic returns on its people to ensure shared growth and prosperity.

Government has signed an agreement with the Chinese government to sell Ghana's bauxite to China's Sinohydro Group Limited. In return, Ghana will receive $2 billion to undertake infrastructural projects.

But some economists and Minority in Parliament are opposed to the deal.

The Minority has subsequently petitioned the IMF over the issue.

Commenting on the recent deals in Takoradi in the Western Region, the Country Director of World Bank for Ghana, Liberia and Sierra Leone, Henry Karali, explained that Ghana's trade agreements with the People's Republic of China must not negatively affect its people.

He said, “It’s a bilateral relationship between Ghana and China, and both countries being independent, being countries that determine their own future, they have the right to set the path of corporation. The only thing that we will say is that, the investment must have a positive return from Ghana's perspective. There must be positive economic return for Ghana”.

Mr. Karali added that “as an institution that looks after primarily the poor, but also shared prosperity as our twin goals, we will always insist that any investment Ghana makes whether its financed by China or financed by the World Bank or anybody else, will have a positive impact on Ghana's economy and on Ghana's people. The rest of it is up to Ghana and China to deal with it.”

Ghana and China sign 8 agreements
In all, Ghana and China have signed eight Co-operation Agreements and Memoranda of Understanding in different sectors of their respective economies, aimed at deepening the ties of co-operation and the bonds of friendship that exist between the two countries.

The agreements were signed on Saturday, 1st September 2018, after the President of the Republic, Nana Addo Dankwa Akufo-Addo, and the President of the People's Republic of China, Xi Jinping, held bilateral talks.

The agreements are the “One belt one road Memorandum of Understanding, Memorandum on Regional Aviation Co-operation Agreement for Co-operation in the peaceful use of nuclear energy, and Co-operation to carry out Maternal and Child Health Project.”

The rest are “Framework Agreement on Financing Insurance Co-operation ($2 billion Sino-Hydro deal), Economic co-operation on Phase 2 project of the University of Health and Allied Sciences, Co-operation on the expansion of the Cape Coast Stadium, and Co-operation on the supply of police vehicles to the Ghana Police Service.”

Speaking with President Xi Jinping, prior to the signing of the eight ( Agreements, President Akufo-Addo noted that the relationship between Ghana and China, over the years, have been excellent, noting that “Ghana has been a firm friend of China.”

Chinese I.T giant, Inspur to establish West Africa HQ in Ghana

China's leading cloud computing company, which also happens to be the no. 2 company in China's Information Technology industry, Inspur Group Co. Ltd, has chosen Ghana as its preferred destination in West Africa for the establishment of its regional headquarters.

According to Mr. Peter Sun, Chairman and Chief Executive Officer of Inspur Group, the decision by the company to establish its headquarters in Ghana was borne out of the country's peaceful and stable nature, coupled with an impressive economic outlook, which saw Ghana grow at 8.5% in 2017, up from 3.6% in 2016.

Nana Addo lobbies for Alibaba Africa headquarters in Ghana

President Akufo-Addo, whiles in China, met with Chinese business mogul, Jack Ma on the possibility of his company setting up the African headquarters of the Alibaba Group in Ghana.

The President revealed that that the Alibaba Group, of which Mr. Jack Ma is the co-founder and Executive Chairman, has plans to partner African countries and to help nurture technological savvy talents in the sub-region hence the decision to ask him to set up the company's Africa headquarters in Ghana.

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