We are not borrowing money from China – Bawumia

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• adika 8 years ago

  So we are Not borrowing but working in partnership even better.

  So we are Not borrowing but working in partnership even better.

  reply
• PRINCE KWASI ADADE (OFIE P33) 8 years ago

  KOFI ADAMS SAYING FLAGSTAFF HOUSE IS CORRUPTION H/Q ??? AABA!! HE HAS FORGOTTEN MAHAMA IS NO LONGER THERE!!!!!! ** ----- ** AUTHOR: MAAME ABENAH ------- Kofi Adam must wake up from his sleep. Corrupt John Dramani Mahama is no ...
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  KOFI ADAMS SAYING FLAGSTAFF HOUSE IS CORRUPTION H/Q ??? AABA!! HE HAS FORGOTTEN MAHAMA IS NO LONGER THERE!!!!!! ** ----- ** AUTHOR: MAAME ABENAH ------- Kofi Adam must wake up from his sleep. Corrupt John Dramani Mahama is no longer staying at Ghana Flagstaff House,another now occupy there and his name is Nana Akufo-addo,and I will have you know that he is far from corrupt.

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• I Am A Winner 8 years ago

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  Are you yet to hook a job 6 Months into 2017?
  How long more can you wait? Are there really enough jýobs for all? The world pays solution providers. Learn to become one!
  FIX high-value SMART devices (some are btw $600-$1000). People pay premium fees to fix them or to recover data. Get "Mobile Phones & Tablets Repairs:A Complete Guide for Beginners & Professionals" from Amazon, Barnes & Noble, eBay etc check out reviews at:
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  reply
• I Am A Winner 8 years ago

  Are you yet to hook a job 6 Months into 2017?
  How long more can you wait? Are there really enough jýobs for all? The world pays solution providers. Learn to become one!
  FIX high-value SMART devices (some are btw $600-$100 ...
  read full comment

  Are you yet to hook a job 6 Months into 2017?
  How long more can you wait? Are there really enough jýobs for all? The world pays solution providers. Learn to become one!
  FIX high-value SMART devices (some are btw $600-$1000). People pay premium fees to fix them or to recover data. Get "Mobile Phones & Tablets Repairs:A Complete Guide for Beginners & Professionals" from Amazon, Barnes & Noble, eBay etc check out reviews at:
  https://www.amazon.com/gp/aw/d/9789534116?

  reply
• Nancy 8 years ago

  If its not a loan then what is it. Still not clear.

  If its not a loan then what is it. Still not clear.

  reply
• Africanus 8 years ago

  Well, it is a loan but Bawumia thinks a different terminology is enough to keep Ghanaians quiet. The Chinese are no fools, they are going to require the Ghana government to guarantee the deal, and once you sign guarantee it b ...
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  Well, it is a loan but Bawumia thinks a different terminology is enough to keep Ghanaians quiet. The Chinese are no fools, they are going to require the Ghana government to guarantee the deal, and once you sign guarantee it become a loan in disguise, which the Ghanaian tax payer will be required to pay in case revenues from the mine fall short of expectations.

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• Haile Mangistus Manasseh II 8 years ago

  Adika ! You have rather exposed your ignorance about the subject the " Law of Contract "
  There are many different contractual terms and for you to jump into thanksgiving adulation because of a verbal statement show your fail ...
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  Adika ! You have rather exposed your ignorance about the subject the " Law of Contract "
  There are many different contractual terms and for you to jump into thanksgiving adulation because of a verbal statement show your failure to analyze this whole issue critically to understand and be well informed of the real interpretation and meaning of the said contract term.
  Simple put, someone promise to give you money and you pledge your resources ( bauxite deposits ) as a collateral for the money.
  This is the face of what we are being told.
  But beneath this simple statement lies what the actual contract terms are.This terms have to be negotiated and finally the two parties must arrived at a beneficial agreement.
  This where the real issue lies.
  Adika ! the process is not as easy as you think and you're being made to hear.

  reply
• Haile Mangistus Manasseh II 8 years ago

  Bawumia! Stop insulting the intelligence of Ghanaians.
  Depending on however you want to justify the $19bn so call China deal by whatever baptismal name, the end result of paying back the facility could be either by cash or b ...
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  Bawumia! Stop insulting the intelligence of Ghanaians.
  Depending on however you want to justify the $19bn so call China deal by whatever baptismal name, the end result of paying back the facility could be either by cash or by kind.
  and by kind means our bauxite deposit is being exchange for the loan facility. There are many names to borrowing. You can secure a facility ( a loan ), you can procure a loan agreement by a form of partnership agreement but at the end of the day it is never free. It must be exchange for a consideration. The general population are not " Contract Management " experts so they can be cajoled by any name but at end of the day a financial facility such an International magnitude can not be a free gift. Some form of a collateral has to be given in exchange of it whether the process of getting it is by borrowing, securing, by partnership agreement or whatever.

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• Hamdi daani 8 years ago

  Thus the style of a corrupt black man who want to cheat his
  Nation.

  Thus the style of a corrupt black man who want to cheat his
  Nation.

  reply
• 21st century boy. 8 years ago

  White man still deceiving black man. They will take triple The resource you are placing in their hand. After they are done they tell you now they get their money some back is enough. Its dangerous than borrowing.

  White man still deceiving black man. They will take triple The resource you are placing in their hand. After they are done they tell you now they get their money some back is enough. Its dangerous than borrowing.

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• Clem 8 years ago

  Ghana has no cash to put up as its portion of the "joint venture" but take our diamond at reduced price. We are not even sure how much is under the ground. We rely on your estimate. Thank you a China.
  
  If you borrow cash f ...
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  Ghana has no cash to put up as its portion of the "joint venture" but take our diamond at reduced price. We are not even sure how much is under the ground. We rely on your estimate. Thank you a China.
  
  If you borrow cash from bank and pay with your house it is still a loan.

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• Jim 8 years ago

  Stupid comments for those who don't want change Dr. Kwame Nkrumah was able to do this model with Russia when the western world won't help the projects has already been paid for, this the reason when Nkrumah was deposed ghana ...
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  Stupid comments for those who don't want change Dr. Kwame Nkrumah was able to do this model with Russia when the western world won't help the projects has already been paid for, this the reason when Nkrumah was deposed ghana didn't have any dept with Russia. Reminding U history returns

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• boat 8 years ago

  bawumia is not telling the truth to put it in a nice way

  bawumia is not telling the truth to put it in a nice way

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• Anagogbemi 8 years ago

  Bawumia thinks he can lie his way throughout his political career,however some of us are able to see through him.He is a liar.

  Bawumia thinks he can lie his way throughout his political career,however some of us are able to see through him.He is a liar.

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• Jake 8 years ago

  I think Bawumia doesn't know much about Chinese . I have been in China for some years now and can confidently say that Bawumia did not fully understand what the Chinese were trying to tell him.

  I think Bawumia doesn't know much about Chinese . I have been in China for some years now and can confidently say that Bawumia did not fully understand what the Chinese were trying to tell him.

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• VB 8 years ago

  You see when you live in a glass house u don't throw stones, you were in opposition complaining bitterly about the government destroying the future of our country with loans, today u go to China and mortgage our mineral depo ...
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  You see when you live in a glass house u don't throw stones, you were in opposition complaining bitterly about the government destroying the future of our country with loans, today u go to China and mortgage our mineral deposit for $19b and say is not loan. Why not say it's a gift rather. The media should stop this campaign against Galamsay cos it is waste everybody's time.

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• BOY KOFI 8 years ago

  If the 5% of bauxite to the Chinese is not a loan then it's a sell out.It can't be a joint venture when one party is paying back the money with interest.We have many joint ventures in Ghana where the states also contribute mo ...
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  If the 5% of bauxite to the Chinese is not a loan then it's a sell out.It can't be a joint venture when one party is paying back the money with interest.We have many joint ventures in Ghana where the states also contribute money from the natural resources.There's no single joint venture in Ghana where we pay interest to the lender.For example,the oïl production,we contributed some money and we collect royalties,levies and share at the same time.We only pay interest when we secure a loan.Besides,Cosmos and Tullow didn't give us any money.So if you give your property to someone and you collect money without interest,then ofcourse it's not a loan you have sold it.On the contrary,if you are going to pay back with interest then it's a loan,it has nothing to do with joint venture.Thank you.

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• ROGUE LAWYER 8 years ago

  if it turns out to be a loan, and there is a change of government, the chinese must understand that ghana holds the rights to say she want pay, because you have told us it is a grant from father christmass china.
  
  2. if it ...
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  if it turns out to be a loan, and there is a change of government, the chinese must understand that ghana holds the rights to say she want pay, because you have told us it is a grant from father christmass china.
  
  2. if it is a grant why did bawumia of all redenomination said it is a joint venture ?
  
  is joint venture also grant ?
  
  if it is a grant why do you SACRIFICED 5% of the Bauxites proceeds to that $19b ?
  now how many years do we have to settle the chines their $19b ?
  lets do a rough calculations of the 5% bauxite proceeds that we need to give to the chinese as a conditions to this $19b
  if the bauxites proceeds in that concession is worth $ 500b the chines had 5% shares of this amount which is about $25b within 10yrs period , which means they have alone $6billion profit within 10yrs period .
  
  This is unpatriotic madness.

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• Nnyura Tagorr 8 years ago

  Loans are now being polished wid nice names hahahaha eeeiii Gh!!!! We u re in opposition u can do al de ranting buh wen u re given de mandate & reality kicks in den u kno its easier said dan done!!! A whole economist talking ...
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  Loans are now being polished wid nice names hahahaha eeeiii Gh!!!! We u re in opposition u can do al de ranting buh wen u re given de mandate & reality kicks in den u kno its easier said dan done!!! A whole economist talking dis way?? Bawumia dis time u failed!!! 3nkoryie wid dis so called loan being termed joint venture. Plsss give us a break!!!!

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• POKUA 8 years ago

  If the money you are taking is not loan,are you the one who put it in China?The Chinese are doing pair trawling and light fishing and you're arresting the local fishermen for perception of been NDCs.

  If the money you are taking is not loan,are you the one who put it in China?The Chinese are doing pair trawling and light fishing and you're arresting the local fishermen for perception of been NDCs.

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• Ata 8 years ago

  This is barter trading. Thank you Bawumia

  This is barter trading. Thank you Bawumia

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• Africanus 8 years ago

  Keep dreaming.

  Keep dreaming.

  reply
• Kofi Anokye 8 years ago

  Hmmmm,Mr vice president go on with your grammar and lies.God is watching you.

  Hmmmm,Mr vice president go on with your grammar and lies.God is watching you.

  reply
• Knockout 8 years ago

  The bauxite is the collateral to borrow the 15b at 5%

  The bauxite is the collateral to borrow the 15b at 5%

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• Ghanaman USA 8 years ago

  Why can't we shed the China syndrome that is becoming the bane of Ghana? Surprised that NPP is behaving as a visionless party now to override the quagmire always created by China in the third world. Nothing comes from China ...
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  Why can't we shed the China syndrome that is becoming the bane of Ghana? Surprised that NPP is behaving as a visionless party now to override the quagmire always created by China in the third world. Nothing comes from China without an underlying danger. We found ourselves in the galamsey mess, thanks to the sleaze of China. And by the way, what the hell is wrong with our leadership for not seeing that the Chinese have only one aim, to colonize their targeted victims. If you want proof, it is not far-fetched. East Africa, Asia etc.

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• Kofi Thompson 8 years ago

  Are There Not Better Ways To Leverage China's Wealth Than Giving It Carte Blanche To Mine Ghana's Mineral Deposits For U.S.$19 Billion?
  
  
  Apparently, Ghana's vice-president believes that he and his economic management team ...
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  Are There Not Better Ways To Leverage China's Wealth Than Giving It Carte Blanche To Mine Ghana's Mineral Deposits For U.S.$19 Billion?
  
  
  Apparently, Ghana's vice-president believes that he and his economic management team have created a new paradigm, for funding economic development in Africa. Amazing.
  
  
  Perhaps it has never occurred to the geniuses who now govern us that relentlessly pursuing GDP growth without ever stopping once to examine what actually constitutes that growth in the real world, no longer makes sense. Pity.
  
  
  With that kind of mindset, no wonder the vice-president thinks that an agreement that sees Ghana entering into a "joint-venture" with resource-hungry China, which gives the Chinese carte blanche to mine our nation's mineral deposits - including even those underneath our forest reserves, incredibly - at a time when global climate change is negatively impacting rural Ghana, is a bright idea. How very odd. And how very shortsighted.
  
  
  And, worst of all, to then go on to hold that shortsightedness up as an example of stellar-smart-thinking and proudly inform the world that Ghana is not being loaned U.S.$19 billion by China, but is rather being paid upfront by its joint-venture Chinese partners for access to the minerals underneath our nation's forests, betrays the delusion our new masters of the universe are labouring under.
  
  
  Undoubtedly, the Chinese simply cannot believe their luck. China is literally being given access to all of Ghana's bountiful natural resources by the selfsame nation whose citizens are up in arms protesting against environmental degradation caused by mere minions in the game of the brutal gang-rape of Mother Nature - Chinese galamseyers.
  
  
  Ghanaians must prepare themselves for even more lethal poisoning of their nation's streams, rivers and groundwater sources and environmental degradation on an apocalyptic scale - which is what we will have to contend with when the big boys from China finally descend upon us to "partner Ghana in a joint-venture" mining our nation's mineral deposits.
  
  
  At a time of global climate change, it is definitely not a very smart move asking China to advance Ghana U.S. $19 billion as payment for access to our country's massive mineral deposits: including even mineral deposits underneath forest reserves.
  
  
  If ecotourism will fetch us even more than the magical U.S.$19 billon that the vice-president is so enamoured with, over time, and create wealth that stays in Ghana instead of flowing out of it, and jobs galore for our nation's younger generations, then the more responsible sections of the Ghanaian media owe it to all the people of Ghana to point out the fact that there are better "economic models" to levarage to enable our nation generate money from China, which are actually available to Ghana.
  
  
  To begin with, it ought to be pointed out that last year (2016) Thailand made U.S.$71 billion from the 31 million visitors it hosted that year. So we can focus on creating an outbound Chinese ecotourism market in Ghana by incentivising tens of millions of well-off middle-class Chinese tourists to travel here.
  
  
  If the geniuses who now govern our country had thought things through properly before embarking on their trip to China, perhaps they would have come up with a better plan using ecotourism to enable Ghana to leverage some of China's wealth.
  
  
  For example, if a ban is placed on the export of all unrefined gold from this country - after seeking joint-venture partners in China for the Precious Minerals Marketing Company Limited (PMMC) to produce credit-card-sized gold bars, gold coins with Adinkra symbols and our unique traditional-style gold jewelry - could we not create a thriving outbound Chinese ecotourism market in Ghana for Chinese tourists coming here to purchase the PMMC's credit-sized gold bars, gold coins with Adinkra symbols on them and traditional-style Ghanaian gold jewelry?
  
  
  And would that not turn Ghana into a global gold trading centre, which attracts tens of millions of Chinese and other Asian countries' nationals to travel to Ghana regularly to purchase gold, I ask?
  
  
  And would that not be a far better and more sustainable way to leverage some of our mineral wealth to our own benefit in truly win-win joint-venture partnerships between Ghanaian and Chinese entrepreneurs accessing long-term loans from Chinese banks at concessionary rates?
  
  
  For the information of the vice-president and members of his economic management team, with the greatest respect, yet another new paradigm for economic development that they can share with the rest of Africa, is to encourage joint-venture partnerships between Ghanaian (ditto entreprenuers in other African nations) and foreign investors, to profit from opportunities offered by the need to modernise and expand our infrastructure.
  
  
  The government of Ghana must allow such joint-venture partnerships to bid in open international tenders, to self-finance the building of railway lines, tolled concrete motorways, harbours, airports, etc., etc., and own, operate, as well as maintain them for 25-30 years without paying any taxes on their profits during that period.
  
  
  Clearly, there are other far better "economic models" available to enable Ghana to develop with than that used to secure the advance payment of U.S.$19 billion by China for access to Ghana's mineral deposits.
  
  
  Finally, we have culled and posted a Positive Money NZ blog article by Marc Joseph entitled, "Change Money, Change the World" that ought to be food for thought for the vice-president and his economic management team, and will be an eye opener for many discerning and independent-minded Ghanaians. If our leaders were creative thinkers we could become a prosperous society very quickly. Pity.
  
  
  Please read on:
  
  
  
  "Positive Money NZ
  
  PMNZ YouTube
  
  facebook
  
  
  Change Money, Change the World
  
  
  By Marc Joseph
  
  
  Isn't it frustrating to witness the growing inequality, poverty, homelessness, and suffering that plagues society? The government's efforts to address these ills are feeble and year after year the situation gets worse. We all know well the government's litany of excuses: "we don't have the money, we'd have to raise taxes, we have to be fiscally prudent, we have to service the debt, money doesn't grow on trees." It all boils down to money, doesn't it? But is it true?
  
  
  No, it's not true. The government's excuses don't stand up to scrutiny, especially when we look at the facts about money. Money comes in two forms, paper (notes and coin) and electronic. The paper part comes from the RBNZ but that portion, about 2%, is insignificant. All the digital money we use is produced by the private banks. It's our national money, yet private institutions have been given the power of producing it for our economy. Think of it. 98% of New Zealand's dollars, which we must have to participate in the economy, is supplied by private institutions.
  
  
  So what about this digital money? It's produced by tapping a keyboard and making an entry in a database, and this entry is shown on a computer screen. This happens whenever a bank makes a loan. Here, it's important to note that the financial system is based on a lie, the lie that says the private banks act as financial intermediaries between savers and borrowers. They do not. When you borrow from a bank, you borrow new debt-money that is "printed" fresh just for you. No pre-existing money is loaned. The bank creates the debt-money by merely changing the number that appears in your account. This may come as a shock to you, and it should because it's the shocking truth.
  
  
  There is an important distinction to understand here. This new money is unearned money. You have agreed to repay it, but the only way you can repay it is to go out and earn it. The banking lie has you believing that you are borrowing someone else's hard-earned money and so you abide by the agreement to repay not just the loan but a premium as well. Your relationship with the bank is completely unequal and lacks full disclosure, and the interest is effortless profit for the banks.
  
  
  So we need to ask ourselves, is this how we want our nation's money to be produced, only as loans? Is it right that the production of our money be in the hands of private institutions that profit so vastly with little or no effort? No way. And this debt has interest attached, which means that the debt grows over time, increasing beyond the capacity of the people to repay it. Indeed, the total debt owed to the private banks today is almost two times greater than the total money supply! This debt cannot and will not ever be repayed. So we work to repay the unrepayable debt to private institutions who have done virtually nothing. How can this be?
  
  
  The reason is that people just don't know. Somehow, we've been indoctrinated to never question the source of money. The result of this is evident: inequality, poverty, homelessness, environmental degradation, crisis. Are you concerned about the ludicrous prices being paid for housing in Auckland and Wellington? The private banking system, given free rein by the government, is your culprit. For a private bank, the bigger the mortgage, the better.
  
  
  And consider this. The authority to produce money comes from government, so why is the government in debt? If 98% of New Zealand's money is digitally produced, why doesn't the government do it? Indeed, the government is constantly invoking "financial prudence" when it explains why it can't provide the programs and services we all say we want, so why does the government allow private production of these debt-soaked dollars? How financially prudent is that?
  
  
  Let's imagine a hypothetical situation. Society wants an end to poverty and homelessness so the government embarks on a brilliant initiative to do just that, mobilising the fabulous expertise and intelligence of the people of NZ. It pays for it by issuing the money straight out of the Treasury. No bonds, no borrowing, no debt. No excuses. Meanwhile, the government passes laws to restrict debt-money production by the private banks.
  
  
  Of course, now we hear the last resort of the financial fear-mongers: that would be inflationary! they cry. They don't mention that private debt-money production in the last 100 years has decimated the purchasing power of our dollar by 95%. They never admit that interest-bearing debt is the true cause of inflation. And how many financial crises of the last century can we enumerate? They were all caused by their debt-soaked money and no doubt there's another crisis lurking on the horizon. What possible justification can there be for private control of our money supply? Debt-free money is far less inflationary, if at all.
  
  
  We need money. We don't need debt. Debt distorts the economy. It makes it run inefficiently, squanders natural resources, drives the growth imperative, wastes human potential, and greatly enriches a few at the expense of the many. It's clear that society would reject private production of our money if it understood this brutal regime with its deplorable consequences.
  
  
  Our challenge is to expose the lie and reveal the truth about the production of money. Once society knows the truth, the private control of our money will end. The people will demand that the government assume control over our money supply and soon the financial solution to our myriad problems will be available. No more debt.
  
  
  So the truth is that there is no shortage of money. All that is socially desirable is financially possible. The private banking system's effortless profit is a millstone around our necks. It's imperative that government assert its authority over the money supply and properly fund, debt-free, an end to poverty and homelessness.
  
  Money reform is a growing movement but you'll never read about it in the media. Thankfully there are excellent resources on the internet. Is there a more important use of one's time than to get informed about the true nature of the financial regime? We've lived all our lives in debt bondage, is that what we want for our grandchildren too?
  
  
  So we have to provoke a public outcry. Why? Because the money scam is an outrage. Because poverty and homelessness are guaranteed by the debt-money system, we cannot succeed while it remains in place. It's not a joke, the situation is dire and getting worse. Once people know, poverty will end. Get informed. Tell everyone. Change money, change the world.
  
  
  ©2017. International Movement for Monetary Reform. All rights reserved."
  
  
  End of culled Positive Money NZ blog article written and posted by Marc Joseph.

  reply
• Sankofa 8 years ago

  So the Chinese are exploiting the Kyebi bauxite as part of the $15 billion 'loan' facility.
  
  What are the details of this investment? How much are the Chinese putting in, how much are the getting out of it, and how much are ...
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  So the Chinese are exploiting the Kyebi bauxite as part of the $15 billion 'loan' facility.
  
  What are the details of this investment? How much are the Chinese putting in, how much are the getting out of it, and how much are we getting out of it?
  
  Dr Bawumia,if this is not a loan, what is it?

  reply