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Ayariga warns government over Chinese loans

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Wed, 19 Sep 2018 Source: todaygh.com

Founder of All People’s Congress (APC), Hassan Ayariga, has advised government not to enter into what he has described as reckless agreement with the Chinese government.

According to him, China was gradually taking over the African continent, a situation he warned, Ghana must be guard against.

“China is taking over African countries of which Ghana will be the next country to enter into a reckless agreement with China,” he said at a press conference organised in Accra yesterday.

President Nana Addo Dankwah Akufo-Addo was recently in China to negotiate a 100-year bond agreement with China worth about $50 billion.

However, addressing the media, Mr Ayariga said that “China, I know, has no free lunch for any country. We have had enough of China already. They have taken over our country’s land and polluting our water bodies with reckless shooting and maltreating our citizens. If we are so desperate for loans, should it be from China?

He said the New Patriotic Party (NPP) while in opposition shouted that there was enough money in the country to the effect that there was no need for the NDC government at the time to go soliciting for loans, especially from China.

“President Nana Addo Dankwa Akufo-Addo whilst in opposition said: “Ghana Yay3 morbor dodo. Y3ti sikasu nanso 3kom diy3n’. What has changed?” he queried.

Highlighting on what he termed China’s ‘long-term collateralisation’ of loans strategy & her disguised colonisation of African countries economically, Mr Ayariga said Britain had collateralised Chinese aids and guarantees with Hong Kong for 99 years, and by this China had gained more experience than any country on earth in the intricacies of long-term collateralisation of assets.

Chronicling the events, he said Philippines this year cancelled all Chinese aids.

“Malaysia cancelled Chinese speed train loan contract this year and opted for a costlier Japanese electromagnetic rail. Because all Chinese grants require collateral with state critical assets.

“Singapore bluntly told China we don’t need your 25 years tenure loan at 0.5%.

“Greece handed China a national asset last year on default, and European Union took measures to stop any further member country from taking Chinese loans.

“Sri Lanka had to cough out a port to China in similar circumstances.

“Zimbabwe is the second African country to default and will soon hand over a national asset,” he stated.

He added that the Lamu Port in Kenya, which was constructed by China on a Chinese loan of $16 billion, will see Kenya default in three years time and the biggest port in east Africa and adjoining towns will be handed over to China for 99 years.

Mr Ayariga, who expressed worry over the development, noted that in all these loans, no single dollar cash was handed over to the countries involved.

“In all cases, China will execute and build the projects (as is being done in the Abuja metro line project), using Chinese materials, equipment, technicians, etc., that are all imported from China”, he said.



The founder of ACP said China would wait and work underground for a country to default payment of the loan, through their crafty manipulation and sabotage of a country’s economy.

“After 15-25 years, they will repossess your assets and determine your import rates (in case of Kenya) or rail charges (in case of Abuja, Nigeria).”

He described as pathetic how China was re-colonising Africa by appealing to the ignorance and selfish interests of her leaders.

“Today, the Chinese are offering mouthwatering deals to Africa, both in cash transactions and the outmoded or rather defunct barter trade which seems very attractive on the outlook but dangerous in reality,” he said.

Source: todaygh.com