ADVERTISEMENT
  • Home
  • News
  • Showbiz
  • Sports
  • World
YawaNews
  • Home
  • News
  • Showbiz
  • Sports
  • World
No Result
View All Result
  • Home
  • News
  • Showbiz
  • Sports
  • World
No Result
View All Result
YawaNews
No Result
View All Result
Home News

Ghana’s mineral resources, ECG revenues to be seized by Chinese

October 11, 2024
in News
Ghana’s mineral resources, ECG revenues to be seized by Chinese
0
SHARES
Share on FacebookShare on Twitter

In a warning from the International Monetary Fund (IMF) last year, it was highlighted that China could potentially access Ghana’s mineral and electricity revenues if the government continued to default on its loan agreements.

ADVERTISEMENT

The International Monetary Fund (IMF) announced in May last year that the Chinese government could potentially gain access to Ghana’s mineral and electricity revenues if the Ghanaian government fails to meet its loan agreement obligations.

It added that as at the end of 2022, collateralized loans amount to $619 million of the $1.9 billion loan agreements Ghana has with China.

RelatedPosts

You are a small boy in NPP, be measured in your utterances – Nana B told

COVID never left, it is still with us – GHS

Combining AG’s and the Minister of Justice office was wrong – Asideu Nketia

The International Monetary Fund (IMF) has disclosed that the Chinese government would likely have access to Ghana’s mineral revenue and electricity revenue due to the government of Ghana’s failure to honour its loan agreement.

According to a news report by myjoyonline.com, the fund indicated that this might happen because the government of Ghana is at risk of not being able to repay four loans it acquired from the Chinese government which it collateralised with Ghana’s mineral resources and electricity sales.

The report indicated that Ghana for the past decade acquired at least eight collateralized loans from China with different mineral resources as security against default.

It added that as at the end of 2022, collateralized loans amount to $619 million of the $1.9 billion loan agreements Ghana has with China.

The IMF indicated that $619 million in loans were acquired between 2007 and 2018 and they were collateralised with Ghana’s cocoa, bauxite and oil and electricity revenue.

“Collateralized debt is any contracted or guaranteed debt that gives the creditor the rights over an asset or revenue stream that would allow it, if the borrower defaults on its payment obligations, to rely on the asset or revenue stream to secure repayment of the debt,” the IMF was quoted by myjoyonline.com.

“Statutory funds will not be allowed to collateralize revenue streams and issue debt. No objection certificates will not be issued to any statutory fund by the governing authority in this regard,” it added.

Tags: GhanaIMF
ShareTweetPin
Previous Post

“Don’t advise me, go and advise your President Akufo-Addo” – Female galamseyer to Ghanaians

Next Post

Concerned Drivers Declare two days sitdown strike over galamsey

Next Post
Concerned Drivers Declare two days sitdown strike over galamsey

Concerned Drivers Declare two days sitdown strike over galamsey

Recent Posts

  • You are a small boy in NPP, be measured in your utterances – Nana B told
  • COVID never left, it is still with us – GHS
  • Combining AG’s and the Minister of Justice office was wrong – Asideu Nketia
  • I was expecting CJ Torkornoo to resign – Kwame Jantuah
  • Northern vigilante group arrests a man and his sister in possession of a stash of opioid drugs

Recent Comments

No comments to show.
  • Email: YawaNewsgh@gmail.com
  • Contact Us
  • About Us
  • Privacy Policy
  • SiteMap
WhatsApp ONLY : +233 20 241 7018

© 2024 YawaNews

No Result
View All Result
  • Home
  • News
  • Showbiz
  • Sports
  • World

© 2024 YawaNews