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Borrowing Money Is Not Aid - Akufo-Addo Defends $60bn Chinese Fund For Africa - VIDEO   
 
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26-Oct-2018  
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President Akufo-Addo has been defending the move by the Chinese government to earmark $60 billion fund for infrastructure projects in Africa. 

According to President Akufo-Addo, the facility provided by China is not aid rather a loan which beneficiary countries are expected to pay back.

He said, “Borrowing money is not aid, what President Xi Jinping offered is a $60 billion fund which Africa countries can assess, not as aid but loans. If you can produce a project which the Chinese think it is worth supporting you can have access to such money and you have to pay it back. We’ll borrow money, everybody borrows money…”

President Akufo-Addo was speaking at the ongoing 2018 Tony Elumelu Foundation Entrepreneurship Forum in Lagos, Nigeria.
 
He made the remarks when responding to a criticism that he has betrayed Africa by accepting part of the facility at the recently held China Africa Forum despite his quest to develop Ghana and Africa beyond aid.

The program seeks to support brilliant business ideas in Africa.




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