Mahama to head to China as Ghana’s ­economic crisis worsens


In depth
Issue 283 - 08 Aug 2014 | 7 minute read

Faced with dramatically worsening public finances, President John Dramani Mahama is to visit China late this month to try to unlock the outstanding disbursement of a $3bn loan that China Development Bank (CDB) signed with Accra in 2011. This move follows the mid-July announcement by finance minister Seth Terkper that his government will only be able to borrow a $1.5bn tranche out of the $3bn the two parties had initially agreed. Due to disagreements with CDB over repayment terms for the second tranche, Ghana has managed to access only $600m so far, and observers are pessimistic about the odds of securing the remaining $900m.

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