$3 Billion Loan: Is China defrauding Ghana?

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Tsuibleooooo 11 years ago

I think you have made a mistake in calculating the interest rate.It should be $30 Million and not $30,000 Million. In any case they are still cheating Ghana with the Support of our leaders. Thank you.

I think you have made a mistake in calculating the interest rate.It should be $30 Million and not $30,000 Million. In any case they are still cheating Ghana with the Support of our leaders. Thank you.
gg 11 years ago

What do you expect? The same idiots who believe in witchcraft and built Gambaga witch camp and others are the same idiots that negotiated on Ghana's behalf.

Can you see Atia challenging Mao about a clause in the contract?

What do you expect? The same idiots who believe in witchcraft and built Gambaga witch camp and others are the same idiots that negotiated on Ghana's behalf.

Can you see Atia challenging Mao about a clause in the contract?
Akua Mansa 11 years ago

What do you expect when you have such Incompetent, fraudulent, Greedy Bastards leading the Nation.

You aint seen nothing yet

Ghana is gone to the dogs

What do you expect when you have such Incompetent, fraudulent, Greedy Bastards leading the Nation.

You aint seen nothing yet

Ghana is gone to the dogs
Gye Nyame 11 years ago

Only the Chinese are prepared to give loans to Ghana and even the Chinese are beginning to get cold feet, hence the delays. Going to China is like going to a loan shark -- they make their demands and write the contract.It is ...
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Only the Chinese are prepared to give loans to Ghana and even the Chinese are beginning to get cold feet, hence the delays. Going to China is like going to a loan shark -- they make their demands and write the contract.It is up to you to take it or leave it but you know we in Ghana had no choice but to take it.
Ace Kojo-Starfish 11 years ago

This is really an insult to the intellectuality of Ghanaians by the Chinese and the government. How far has education develop minds to think right for this nation. Where are the legal practitioners ? Where are the astute inte ...
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This is really an insult to the intellectuality of Ghanaians by the Chinese and the government. How far has education develop minds to think right for this nation. Where are the legal practitioners ? Where are the astute intellectuals of this dear land ? Where were they and where are now ? How come the government didn't dive deep into this whole agreement ? May we live in interesting times. God bless GHANA
Ace Kojo-Starfish 11 years ago

This is really an insult to the intellectuality of Ghanaians by the Chinese and the government. How far has education developed minds to think right for this nation. Where are the legal practitioners ? Where are the astute in ...
read full comment

This is really an insult to the intellectuality of Ghanaians by the Chinese and the government. How far has education developed minds to think right for this nation. Where are the legal practitioners ? Where are the astute intellectuals of this dear land ? Where were they and where are they now ? How come the government didn't dive deep into this whole agreement ? May we live in interesting times. God bless GHANA
Blay 11 years ago

CDB loan has the potential to draw Ghana's economic development back 10yrs. I advise GH to quit.

CDB loan has the potential to draw Ghana's economic development back 10yrs. I advise GH to quit.
Lin 11 years ago

Assuming the annual commitment fees is 1% of the $1 billion, Ghana could be paying $30,000 thousand a year to CDB depending on the repayment period, not $30,000 million. The Author's maths is really poor.

Assuming the annual commitment fees is 1% of the $1 billion, Ghana could be paying $30,000 thousand a year to CDB depending on the repayment period, not $30,000 million. The Author's maths is really poor.
Kofi Ata, Cambridge, UK 11 years ago

My apologies for adding more zeros than it should have been.

My apologies for adding more zeros than it should have been.
KKO 11 years ago

Kofi, 1% of 3 billion=(10^-2)x3x10^9=3x10^7=30x10^6. So what is Lin's problem?

Yes, this indeed is daylight robbery, not only by the Chinese but by the people who negotiated it. The Chinese are known to ply foreign negotia ...
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Kofi, 1% of 3 billion=(10^-2)x3x10^9=3x10^7=30x10^6. So what is Lin's problem?

Yes, this indeed is daylight robbery, not only by the Chinese but by the people who negotiated it. The Chinese are known to ply foreign negotiators with food and drink (ala state banquet) during the first night before any negotiations. The party would go on till 4am, while the first day of negotiations is scheduled for 7:30am. BP, Phillips and Exxon among others who negotiated with them in the late 1970s and 80s have such "horror stories" to tell.

So the negotiators who would have been eating and drinking (including rotten eggs, as the national delicacy)all night, simply sleep walk into rotten deals. And they have no qualms about bribing their quarries either.

The real loser is the Ghanaian taxpayer who in spite of being duped continually by politicians, still rewards them with his/her vote. Didn't someone buy an aircraft from a warehouse with Ghana's money and rent it back to the state? How about taking a loan from a "company" whose office was located in a disused cash and carry? Then there was the Brazilian Braer Aircraft purchase saga.

The man we have as president of Ghana carries more baggage than the rest of us care to worry about!

John 11 years ago

Since our leaders have refused to think,our chinise counterpart thought for us. Already they think ghanaians are just some advanced animals. Anytime I think about this I am tempted to think those who sat on this committee we ...
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Since our leaders have refused to think,our chinise counterpart thought for us. Already they think ghanaians are just some advanced animals. Anytime I think about this I am tempted to think those who sat on this committee were either looters or jail breakers. God save Ghana
John 11 years ago

Since our leaders have refused to think,our chinise counterpart thought for us. Already they think ghanaians are just some advanced animals. Anytime I think about this I am tempted to think those who sat on this committee we ...
read full comment

Since our leaders have refused to think,our chinise counterpart thought for us. Already they think ghanaians are just some advanced animals. Anytime I think about this I am tempted to think those who sat on this committee were either looters or jail breakers. God save Ghana
David 11 years ago

How much is the commitment fee?

How much is the commitment fee?
ohene 11 years ago

I'm equally surprise at you on the fact that you're surprised at the sheer incompetence of these NDC guys. Right from the president to their foot soldiers; just empty headedness and bunch of noise makers. corruption, Dramani ...
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I'm equally surprise at you on the fact that you're surprised at the sheer incompetence of these NDC guys. Right from the president to their foot soldiers; just empty headedness and bunch of noise makers. corruption, Dramani corruption
HANNIBAL(Blessed by God) 11 years ago

Ghana should let go of that loan and look elsewhere. The Chinese are trying to play politics with this loan including attaching the issue of the Chinese gold miners to it.

Ghana should let go of that loan and look elsewhere. The Chinese are trying to play politics with this loan including attaching the issue of the Chinese gold miners to it.
Kalahariman 11 years ago

The Chinese are practicing 419 Scam on Ghana. A promise of 3 billion loan which actually is a 600 million on face value but the interest rate and fees are calculated on a 3 billion loan. Ghana has the right to file a fraud cl ...
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The Chinese are practicing 419 Scam on Ghana. A promise of 3 billion loan which actually is a 600 million on face value but the interest rate and fees are calculated on a 3 billion loan. Ghana has the right to file a fraud claim and have the loan re-structured on a 600 million loan with interest and fees calculated on 600 million and not 3 billion since the creditor has not satisfied its obligation. Parliament need re-visit the loan agreement and pursue the right channels: International business bodies are available for filling law suits and complaints. Next time, Parliament need to do their job in analyzing future loans before signing them.
Kalahariman 11 years ago

It is true we need capital to pivot Ghana to the next level of development; adding value to our natural resources: a refinery plant to refine our oil, alumina refinery plant to process our Bauxite, a gold refinery plant, a co ...
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It is true we need capital to pivot Ghana to the next level of development; adding value to our natural resources: a refinery plant to refine our oil, alumina refinery plant to process our Bauxite, a gold refinery plant, a cocoa refinery plant and so on but we must be careful with the terms of the loans we sign. We have people in Ghana with enough money if they can come together form a business to open some of these plants. We cannot always depend on foreign investments in developing our nation. You can easily name 10 prominent Ghanaians with money that can raise enough capital to start a plant..but again, trust and fear will not allow for the 10 people to even draw out a business plan.
DAN 11 years ago

WHY BUILD NEW WHEN YOU CAN SELL OIL ONE NOW TO INVESTORS OUTSIDE GHANA???? eVEN A FAILING REFINERY IN USA WAS SOLD TO DELTA AIRLINES WHERE THEY TUNED IT TO PRODUCE MORE JET FUEL

WHY BUILD NEW WHEN YOU CAN SELL OIL ONE NOW TO INVESTORS OUTSIDE GHANA???? eVEN A FAILING REFINERY IN USA WAS SOLD TO DELTA AIRLINES WHERE THEY TUNED IT TO PRODUCE MORE JET FUEL
DAN 11 years ago

BESIDE AFRICAN PRESIDENTS IN PRISON THERE THEY ALSO ARGUE INTERNATIONAL CONTRACT DISAGREEMENTS

BESIDE AFRICAN PRESIDENTS IN PRISON THERE THEY ALSO ARGUE INTERNATIONAL CONTRACT DISAGREEMENTS
Ethan 11 years ago

fools, it is Ghana wants the loan. In Africa, so many countries are crying for that money.

fools, it is Ghana wants the loan. In Africa, so many countries are crying for that money.

Kalahariman 11 years ago

Ten rich Ghanaians who can pull up a capital investment fund to open refineries to add value to our natural resources...

10 Richest People in Ghana

(1) Dr. Kwame Addo Kufuor …$1.2 billion
(2) Dr. Sam Jonah…$500 M ...
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Ten rich Ghanaians who can pull up a capital investment fund to open refineries to add value to our natural resources...

10 Richest People in Ghana

(1) Dr. Kwame Addo Kufuor …$1.2 billion
(2) Dr. Sam Jonah…$500 Million
(3) Dr. Kwesi Nduom…$300 million
(4) Nana Akufo-Add0…$250 million
(5) Dr. Yaw Osafo-Marf0…$220 million
(6) Dr. Kwesi Botchwey…$200 million
(7) Dr. Kwaku Afriyie…$180 million
(8). Mr. Kwadwo Adjei Darko…. $150 million
(9). President Jerry John Rawlings - $50 million
(10). Mr. Kofi Wayo…$30 million.
Abeeku Mensah 11 years ago

And where do you think they got their respective wealth?
Were these people not around when Kufour sold Ghana Telecom and or Ghana Airways?

And where do you think they got their respective wealth?
Were these people not around when Kufour sold Ghana Telecom and or Ghana Airways?
Koomson 11 years ago

It seems Mahama is using his political influence to enrich himself and his cronies. Watch Mahama carefully.

It seems Mahama is using his political influence to enrich himself and his cronies. Watch Mahama carefully.
LONTO-BOY 11 years ago

MASSA KOFI, it's tempting to point fingers at the Chinese for this "Wonga" fraudulent loan, but we should rather blame the corrupt inept NDC Government and unpatriotic politicians for selling the country down the river. China ...
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MASSA KOFI, it's tempting to point fingers at the Chinese for this "Wonga" fraudulent loan, but we should rather blame the corrupt inept NDC Government and unpatriotic politicians for selling the country down the river. China didn't bully the NDC Government into taking that $3 Billion loan. Was the terms, conditions and repayment methods of this huge loan written in Chinese Mandarin which the NDC Government did lack an in-depth understanding?

Personally, I can't put into polite words what I think of our Ghanaian politicians for throwing Ghana into a vicious cycle of debt and the exploitation of our minerals and resources, cheaply, by the Chinese and other foreign nationals.
Gio 11 years ago

When u allow urself to be taken then who r u? Sorry a fool.

When u allow urself to be taken then who r u? Sorry a fool.
DAN 11 years ago

NOBODY READ THE FINE PRINT IN CONTRACT?????

NOBODY READ THE FINE PRINT IN CONTRACT?????
Amega 11 years ago

they only cared about the kickback they wanted.

they only cared about the kickback they wanted.
Ethan 11 years ago

this article is shit. i deeply doubt the writer's intelligence

this article is shit. i deeply doubt the writer's intelligence

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$3 Billion Loan: Is China defrauding Ghana?

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