Ghana has signed eight cooperation agreements with China after talks between the leaders of the two nations.
The cooperation agreements happened ahead of the Forum on China-Africa Cooperation.
According to a statement from the office of President Nana Akufo-Addo, the deal includes a $2 billion infrastructure agreement for Ghana to improve its roads and develop railways in exchange for bauxite.
“We are looking seriously at how we can secure sources of long-term finance that will allow us to deal with our infrastructural development,” Akufo-Addo said.
Another statement also says China Harbour Engineering Co. has agreed to build the marine facilities for a liquefied natural-gas terminal in the port of Tema, which the company is currently extending.
The presidency of Ghana disclosed that Jiangnan Shipyard of China will construct the floating regasification facility.
When completed, the $350 million project will provide as much as 2 million tons of natural gas per year, and supply about 30 percent of Ghana’s total electricity generating capacity.
Ghana is floating the idea of a $50 billion so-called Century Bond to get infrastructure funding, and would like China to contribute, Akufo-Addo said.
The other accords are related to China’s Belt and Road Initiative, aviation, maternal health, construction projects and the supply of police vehicles.