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Ghana is Considering $50 Billion Century Bond to Finance Infrastructure Development

Ghana signed eight cooperation agreements with China following talks between the two nation’s leaders in Beijing ahead of the Forum on China-Africa Cooperation that starts Monday.

China’s Premier Li Keqiang (R) meets Ghana’s President Nana Akufo-Addo at the Diaoyutai State Guesthouse in Beijing, China September 1, 2018. REUTERS/Jason Lee/Pool

The package of agreements included the $2 billion infrastructure deal Ghana reached in July with Sinohydro Corp. to improve its roads and develop railways in exchange for bauxite, according to a statement from the office of President Nana Akufo-Addo.

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“We are looking seriously at how we can secure sources of long-term finance that will allow us to deal with our infrastructural development,” Akufo-Addo said in the statement.

Ghana is also floating the idea of a $50 billion so-called Century Bond to get infrastructure funding, and would like China to contribute, he said. The other accords are related to China’s “Belt and Road Initiative,” aviation, maternal health, construction projects and the supply of police vehicles.

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