Ghana and China have entered into a grant agreement valued at US$30 million to construct a university in Damongo. The signing took place during a meeting between Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, and the outgoing Chinese Ambassador to Ghana, H.E. Tong Defa.
Dr. Forson conveyed appreciation on behalf of President John Dramani Mahama and the people of Ghana for Ambassador Tong’s efforts in enhancing relations between the two countries. He acknowledged that although Ambassador Tong’s tenure was brief, it included the finalization of two major grant agreements: one for a multipurpose market in Aflao and another for the new university in Damongo.
The Minister emphasized the importance of Chinese support and investment in Ghana’s economy, referencing the longstanding relationship between both nations dating back to President Kwame Nkrumah and Chairman Mao. Dr. Forson also addressed economic cooperation challenges, specifically exchange losses related to bilateral trade. He stated Ghana is interested in pursuing trade settlements using both the Ghanaian cedi and Chinese RMB rather than third-party currencies, which he described as inefficient when trading directly with China.
“These discussions would be pursued at the policy level, including engagement with the Bank of Ghana,” said Dr. Forson.
Ambassador Tong thanked Dr. Forson for his cooperation during his time in Ghana and congratulated him on improvements seen in Ghana’s economic performance.
He added: “I am proud of the state of Ghana–China relations and encouraged by tangible outcomes achieved within a short period, particularly in development cooperation.”