Ghana and China Ink US$30 Million Grant for Damongo University

Ghana and China have signed a US$30 million grant agreement to support the construction of a university in Damongo. The agreement was signed during a meeting between Finance Minister Dr Cassiel Ato Forson and the outgoing Chinese Ambassador to Ghana, H.E. Tong Defa. Dr Forson expressed appreciation to the Ambassador on behalf of President John Dramani Mahama and the people of Ghana, acknowledging his role in strengthening bilateral relations between the two countries. The Minister noted that although Ambassador Tong’s tenure was brief, it coincided with the conclusion of two significant grant agreements for Ghana; funding for a multipurpose market in Aflao and the US$30 million grant for the construction of the university in Damongo. Ghana's economic growth must be reform-led, not aid-driven – Veep He further highlighted the broader contribution of Chinese support and investment to Ghana’s economy, reaffirming that Ghana deeply values its longstanding relationship with China, which dates back to the era of President Kwame Nkrumah and Chairman Mao. Dr Forson underscored the need to deepen economic cooperation by reducing exchange losses associated with bilateral trade. He indicated Ghana’s interest in exploring trade settlements in the Ghanaian cedi and the Chinese yuan (RMB), noting that reliance on third-party currencies is inefficient when trade is conducted directly between Ghana and China. He assured the outgoing Ambassador that these discussions would be pursued at the policy level, including engagement with the Bank of Ghana. Ambassador Tong expressed gratitude to the finance minister for the cooperation and support during his tenure and congratulated Dr Forson on Ghana’s improving economic performance. He stated his pride in the state of Ghana-China relations and noted his encouragement at the tangible outcomes achieved within a short period, particularly in the area of development cooperation.