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.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!
