Veep: $3bn CDB Loan Will Move Ghana To Unimaginable Levels

The Vice President of Ghana, John Mahama, has said the signing of the US$3 billion China Development Bank loan agreement meant for developing Ghana’s gas infrastructure offers the country an opportunity to move its development to unimaginable levels. According to the Vice President, who is currently in China with his delegation, the initial US$1 billion injection into the Ghanaian economy out of the total three billion and its subsequent benefits will greatly promote economic growth and investment. The total sum is US$ 3 billion from the China Development Bank and the full loan is expected to be ready by close of April. “I think that for Ghana, this is a significant stage in her development because it allows us to move Ghana’s transformation to the next level,” he told pressmen. “The World Bank said Ghana had a deficit of financing infrastructure of about one billion and so turning to emerging economies like China, Brazil, and India to provide another source of financing in addition to our traditional funding, will go a long way to improve the country,” Vice President Mahama noted. He made the comments when he addressed a cross section of local and international media in Beijing moments after he supervised the signing of two subsidiary agreements with the China Development Bank for the release of US$ 1 billion to develop the nation's gas infrastructure.