Ghana signs $13 billion loans deal with China

Ghana signed nearly $13 billion worth of loan deals with Chinese investors to fund energy, agriculture and transport development in the West African state, the government said on Wednesday. The deals would together be one of China's largest financial commitments to Africa, but drew scepticism from analysts who said loans of that size could risk violating Ghana's commitments to the International Monetary Fund.
The accords were signed during a visit by President John Atta Mills to Beijing and come as Ghana prepares to join the ranks of oil producers by the end of this year, with China among those looking to buy into its offshore Jubilee field. The new loans include $3 billion from the Chinese Development Bank to finance oil and gas infrastructure and agricultural development, Deputy Finance Minister Fiifi Kwetey told Reuters by telephone from Beijing.