{"id":396851,"date":"2017-06-27T14:10:59","date_gmt":"2017-06-27T14:10:59","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/06\/27\/minority-threatens-to-throw-out-15bln-china-deal\/"},"modified":"2017-06-27T14:10:59","modified_gmt":"2017-06-27T14:10:59","slug":"minority-threatens-to-throw-out-15bln-china-deal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/06\/27\/minority-threatens-to-throw-out-15bln-china-deal\/","title":{"rendered":"Minority threatens to throw out $15bln China deal"},"content":{"rendered":"

<\/p>\n

\n
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\"Ato
Ato Forson<\/figcaption><\/figure>\n<\/div>\n

The Minority in Parliament says it will oppose the deal in which government of Ghana is seeking to access a whopping $15 billion facility from the Chinese government.<\/p>\n

The opposition lawmakers said the deal might cripple the economy which is already burdened with huge debts.<\/p>\n

Minority Spokesperson on Finance, Casiel Ato Forson told Israel Laryea on Joy FM\u2019s Midday News Tuesday, the money will increase Ghana\u2019s debt stock to the region of 100 to 110 percent of GDP if the deal is allowed to pass.<\/p>\n

The Government of Ghana has finished talks with the Xi Jinping government to access a $15 billion facility for the swift implementation of many of its \u201cambitious programmes.\u201d<\/p>\n

The deal was announced in Accra by Vice President Dr Mahamudu Bawumia on Sunday after a four-day visit to the Asian country. Implementation of the free senior high school, one-district, one-factory, one-village, one-dam and Zongo Development Fund will start if the loan is approved.<\/p>\n

On his arrival, the vice president defended the use\u00a0of untapped natural resources as collateral for the money, saying,\u00a0it makes \u201ceconomic sense\u201d for Ghana to use what it has to get what it needs from other countries.<\/p>\n

\u201cGhana needs to leverage its natural resources,\u201d the Vice President told the media at the Jubilee lounge of the Kotoka International Airport.<\/p>\n

In exchange for the facility, China would be given an unimpeded access to tap Ghana\u2019s rich resources which include a 2.8 billion metric tons of iron ore, 960 million metric tons of Bauxite, 430 million metric tons of Manganese and 413 million tons of limeston.<\/p>\n

\u201cIf we need just $20 billion to do a major, massive Marshall Plan and we have $460 billion sitting in the ground then what we really need is to develop a financing model that leverages just a small fraction of our reserves,\u201d he said gleefully.<\/p>\n

The gigantic deal comes after China\u2019s Eximbank promised the past National Democratic Congress (NDC) government a $3 billion facility. After several years, the Chinese gave the then government only $1 billion.<\/p>\n

In the company of Senior Minister, Yaw Osafo Maafo, the Vice President said government stands to get more because there is an unfinished business.<\/p>\n

The staggering $15 billion China facility will have to be sanctioned by Parliament before it will be released by the Xi Jinping government.<\/p>\n

With 106 seats in the legislature against 169 seats for government-aligned lawmakers, the NDC MPs said they will reject the deal.<\/p>\n

Mr Forson argued the size of Ghana\u2019s economy which is between $42-3 billion will not be able to accommodate a facility that is close to half.<\/p>\n

\u201cI don\u2019t think it is smart borrowing,\u201d he said, adding, the\u00a0President Nana Addo Dankwa Akufo-Addo led government has shown a \u201chuge appetite\u201d for debt.<\/p>\n

But Deputy Finance Minister, Kweku Kwarteng said minority\u2019s position on the facility is misplaced.<\/p>\n

\u201cThere is no point always rushing to the media to discuss things you do not understand,\u201d he criticized the NDC MPs.<\/p>\n

He said the terms governing the China deal will be negotiated and until it is placed before Parliament it will not come into effect.<\/p>\n<\/p><\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ato Forson The Minority in Parliament says it will oppose the deal in which government of Ghana is seeking to access a whopping $15 billion facility from the Chinese government. The opposition lawmakers said the deal might cripple the economy which is already burdened with huge debts. Minority Spokesperson on Finance, Casiel Ato Forson told […]<\/p>\n","protected":false},"author":0,"featured_media":396529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-396851","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nMinority threatens to throw out $15bln China deal - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/06\/27\/minority-threatens-to-throw-out-15bln-china-deal\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Minority threatens to throw out $15bln China deal - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ato Forson The Minority in Parliament says it will oppose the deal in which government of Ghana is seeking to access a whopping $15 billion facility from the Chinese government. 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