China has announced a $50 billion Africa Infrastructure Development Fund at the China-Africa Cooperation Summit in Beijing, with Ghana among the first 12 countries to sign framework agreements for project financing under the new facility.
The fund, which will be managed by the China Development Bank in partnership with the African Development Bank, will prioritise investments in transport infrastructure, clean energy, digital connectivity, and agro-processing facilities across the continent.
Ghana has secured preliminary agreements for three projects: a 500-megawatt solar power plant in the Northern Region, a deep-water port expansion at Tema, and a fibre optic backbone network connecting all regional capitals. The combined value of the three projects is estimated at $3.8 billion.
Chinese President Xi Jinping, speaking at the summit attended by 48 African heads of state, described the fund as "a new model of South-South cooperation based on mutual benefit and respect for African sovereignty." He emphasised that all projects would be subject to transparent procurement processes and environmental impact assessments.
Critics, including several Western governments and civil society organisations, have raised concerns about debt sustainability, noting that several African countries are already carrying significant Chinese debt. The IMF has called for rigorous debt sustainability analyses before any new borrowing.
Ghana's Finance Minister, who led the country's delegation, said the government had conducted thorough due diligence and was confident that the projects would generate sufficient economic returns to service the associated debt. "We are not signing blank cheques. These are carefully structured deals that serve Ghana's national interest," she said.
The summit also produced agreements on trade, technology transfer, and people-to-people exchanges, including a new scholarship programme that will fund 10,000 African students to study in China annually.
