Written by Asare Otchere-Darko
25 August 2011
Ghana’s Parliament has been given effectively two days (today (August 24, 2011) and tomorrow) to approve a $3 billion commercial loan called the Master Facility Agreement (MFA) from the state-owned China Development Bank (CDB). The MFA, once agreed, will be followed by subsidiary agreements (12 mega ones) dealing with a multitude of specific items that the facility is to fund. Government is expected to make its own contribution of15% of the total amount of $3 billion, representing $450 million.
Written by IMANI
29 August 2011
There is no doubt that the vaunted STX project is beset with funding challenges.
It is also clear that the company that was awarded the project – STX Engineering & Construction Limited (STX E&C) – is on the verge of falling apart, if it hasn’t already. The evidence clearly shows a complete breakdown of trust amongst the directors of the company, with one faction having formally reported the other to the Police on suspicion of criminal conduct. Civil lawsuits by both parties are also pending.
Written by William Mitting
29 August 2011
While China is investing billions in Africa, it is also busily extracting its precious natural resources. Many are now questioning if the east's involvement in Africa will be any more beneficial than the west's has been.
It'is a sweltering October afternoon 20 kilometres to the west of the booming mining town of Karonga in northern Malawi. The sun is beating down on vast swathes of dusty, arid land, parched by months without rain. Teams of Chinese labourers from the China Road and Bridge Corporation are working on a large construction project to build a road from Karonga to the remote town of Chitipa.
Written by Citi
25 August 2011
On 15 December 2010, Ghana became the world’s newest oil producer. In many ways, the start of oil production in Ghana adds the icing on the cake of what has been a steady improvement in overall economic performance since the fiscal crisis and slowdown of the world economy in 2008 knocked the economic sideways in 2009.
A clear feature of Ghana’s recent economic history has been fiscal crises following close elections in 2000 and 2008. Moreover, despite the overall strong economic performance of recent years, progress with fiscal consolidation has been slow in the last few years and we expect the deficit to remain significant in the run up to the December 2012 polls. more>>>
- Biometric Registration: The next step in Ghana’s Democratic Development . Some Troubling Questions for the Government.
- China’s oil trade with Africa is dominated by an opaque syndicate
- Danquah Institute raises concerns over $3bn Chinese loan
- Ghana: Assessing Risks to Stability
- Parliament shouldn’t approve $3bn Chinese commercial loan
- Postponement of Liberty Lecture
- Press Release: Bank of Ghana’s response to allegations of illegal money transfers into Ghana
- Report: Tackling the $1bn illicit money transfer business to Ghana