Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    HomeNewsWorldGhana to repay $3bn China loan with oil, resources

    Ghana to repay $3bn China loan with oil, resources

    Ghana will repay its USD 3 billion loan from the China Development Bank at an interest rate of 6-month Libor plus 2.95%, according to a Ghanaian parliamentary report on the loan seen by Reuters on Wednesday.

    August 25, 2011 / 11:25 IST

    Ghana will repay its USD 3 billion loan from the China Development Bank at an interest rate of 6-month Libor plus 2.95%, according to a Ghanaian parliamentary report on the loan seen by Reuters on Wednesday.


    At least 60% of the loan, which is due to finance infrastructure projects, including in the oil and gas sector, and is currently being debated in parliament, must go to Chinese contractors, the document said.

    Ghana and China are due to establish a contract to oversee China's offtake of Ghana's oil as part of the loan repayments. Ghana will also use other resources to repay the debt, the document said.

    first published: Aug 25, 2011 08:45 am

    Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

    Subscribe to Tech Newsletters

    • On Saturdays

      Find the best of Al News in one place, specially curated for you every weekend.

    • Daily-Weekdays

      Stay on top of the latest tech trends and biggest startup news.

    Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347