Ghana and China enter into agreement on oil and gas

The China Development Bank (CDB) has, in a financing agreement with the Ghana government and the Ghana National Petroleum Corporation (GNPC), disclosed plans to support the development and the utilization of Ghana's oil and gas. It also seeks, in the financing agreement, to support the development of the agriculture, transportation and energy sectors among others.
The financing agreement was signed under a memorandum of understanding by the Minister of Finance and Economic Planning, Kwabena Duffuor on the behalf of the Government of Ghana, Nana Boakye Asafu Adjaye, the Managing Director of GNPC on behalf of the company and Mr Zahao Jianping signed for CDB.

Fiifi Kwettey, Deputy Minister for Finance and Economic Planning said the agreement, which was a long-term cooperation, will support GNPC to accelerate and optimize the development and utilization of national oil and gas resources and their proper integration into sustainable national development. He explained that the Ghana-China cooperation will enable the development of national capacity and infrastructure in the production, processing transportation and marketing of oil and gas, while ensuring that the oil and gas development will support rather than undermine other productive sectors.
Through the agreement, he noted, CDB will also support priority agricultural, industrial and infrastructure investments to create sustainable jobs and equitable growth.

The Minister of Finance and Economic Planning, Kabana Duffuor said that "the Government of Ghana welcomes investors to work hand in hand with Ghana in the development of the country's hydrocarbon resources as well as other sectors of our national economy". The signing of the agreement, according to him, was a boost to this effort.
Nana Boakye Asafu Adjaye, the CEO for GNPC expressed satisfaction that the GNPC has been able to contribute to securing financing for building critical petroleum resources, adding that the signing of the memorandum of understanding clearly indicates how attractive Ghana has become as an investment destination.

According to Zhao Jianping, the leader of the delegation from China, China Development Bank is the leading Chinese bank in the world and provides medium and long term finance and investment including the provision of financial services and project management to energy companies engaged in the exploration and exploitation of oil and gas resources and related infrastructure development.
The CDB, he informed, also provides funding through the China-Africa Development Fund (CAD) fund. This makes equity investments that support Chinese enterprises, makes direct investments in Africa and offers value added services ranging from project management and consulting to financial services.

The Economic Leader of China, Mr Huyjie told that China and Ghana have enjoyed a long political relationship. According to him, Ghana has a good environment for investments. Through agreement, therefore, a lot of opportunities will be created especially in the agriculture sector.
"I see a bright future for both countries and I am happy to witness the signing ceremony," he stressed.