26
Wed, Sep

PRESIDENT BACK FROM CHINA WITH GOODIES

Business & Economy

President Nana Addo Dankwa Akufo-Addo on Saturday arrived from the People’s Republic of China, after embarking on a state visit, where a number of agreements were signed between the two countries.

President Nana Addo Dankwa Akufo-Addo on Saturday arrived from the People’s Republic of China, after embarking on a state visit, where a number of agreements were signed between the two countries.

 

Described as one of the most successful trips ever, the visit, among others, sealed the $2 billion dollar deal with Sino Hydro, which will result in the construction of roads, bridges and interchanges all over the country.

Speaking to journalists upon his arrival, Director of Communications at the Presidency, Eugene Arhin, said Ghanaians would soon rip the benefit of the President’s trip to China.

 “The benefits of the President’s visit that have accrued to the country have been enormous,” he said, stressing the aftermath would be unprecedented development in the country.

                                                                                                Eight agreements/MOUs

Eight Agreements and MOUs in different sectors aimed at deepening the ties of co-operation between the two countries were signed.

They include the ‘One belt one road Memorandum of Understanding,’ ‘Memorandum on Regional Aviation Co-operation,’ ‘Agreement for Co-operation in the peaceful use of nuclear energy,’ and ‘Co-operation to carry out Maternal and Child Health Project.’

The rest are ‘Framework Agreement on Financing Insurance Co-operation’ ($2 billion Sino-Hydro deal), ‘Economic co-operation on Phase 2 project of the University of Health and Allied Sciences, Ho’, ‘Co-operation on the expansion of the Cape Coast Stadium,’ and ‘Co-operation on the supply of police vehicles to the Ghana Police Service.’

                                                                                                      Tema LNG Project

The Tema LNG Terminal Company Ltd also signed an agreement with China Harbour Engineering Company, for the construction of a Liquefied Natural Gas (LNG) terminal.

The terminal is being constructed on the back of a 12-year gas supply agreement that was executed between the Ghana National Petroleum Corporation (GNPC) and Rosneft, a global LNG trader and the world’s largest listed oil producer.

The LNG Terminal, which will be completed in 18 months, will be Sub-Saharan Africa’s first regasification terminal, strengthening Ghana’s position as a regional trade and energy hub.

The project, which will generate some 1,600 jobs, is estimated to provide about two million tonnes of liquefied natural gas every year. This would mean that the facility would supply about 30% of Ghana’s total electricity generating capacity, displacing crude oil and crude derivatives as fuel sources for the generation of power.

                                                                                                   Sinotruk assembly plant

Sinotruk International, China’s first heavy duty truck manufacturer, also signed an agreement with Ghana to establish an assembly plant in the country, to serve both Ghanaian and West African markets.

The assembly plant in Ghana, when established, will initially have the capacity to assemble some 1,500 trucks per year.

                                                                                                        Inspur Group

China’s leading cloud computing company, Inspur Group Co. Ltd, also chose Ghana as its preferred destination in West Africa for the establishment of its regional headquarters.

Inspur currently has a 57% share of global sales in the Artificial Intelligence server field. It is the fastest growing server vendor in the world, and holds the biggest market share for the sale of servers in China.

Also, 10 Ghanaian students are expected to be selected for internship programmes with the company. They will be trained to take up jobs in the company’s operations in Ghana and West Africa.

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