Chinese asking for too much oil – Finance Minister explains abandoned $1.5bn CBN loan

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According to government officials’ projections of oil prices, Ghana will end up paying 6.4 billion USD to China for the 3 billion USD loan or will give away 750 million barrels of the nation’s crude oil to a Chinese company for more than 15 years. The loan agreement stipulates that 60% of all contracts under the loan go to Chinese companies.

The Minority in Parliament have been urging government to as a matter of urgency, re-negotiate the $3 billion Chinese loan.

Dr. Anthony Osei Akoto told Joy News, Ghana has had to cough up $54 million in commitment fees after receiving about $600 million dollars so far.

They had opposed government’s decision to go in for the loan calling it a “bad agreementfrom day one”

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