$ 2 billion China Loan: Chamber of Commerce Urges Gov’t to negotiate more Tech Transfer

china loan

Chairman of the Western Region Chamber of Commerce Stephane Abbas Miezah has urged government to negotiate more for technological transfer in the deal with China in the close to 2 billion dollar funding for the One-District-One-Factory project.

He also warned government against using cash receipt from the deal to shore up the cedi since that has proven unsustainable since it stimulate an import based economy as against manufacturing, value addition and export which has far richer effect on the economy.

Mr Miezah says the transfer of technology would allow for better utilisation of the vast resources of the country while adding value to these resources and also creating jobs to expand the economy. His comments comes at the back of the signing of an MOU between Ghana and China that would see the latter  providing funding worth up to 2 billion dollars between a number of Ghanaian commercial banks and the private sector.

However some Ghanaians were concerned the deal failed to seek parliamentary scrutiny and approval. But Mr Miezah told XYZ News’ Joe Bright Nyarko that it was not too late for government to table the deal before the house for ratification.

“I will believe that having gone sign that MOU, we would have to now bring it to parliament for ratification; it comes to parliament and the people’s representatives think that it would not help us, obviously I’m sure that they would ratify it” he said.

The Takoradi based businessman also warned against politicisation of the disbursement of funds which would be a setback to the intended boost for the private sector saying that: “it shouldn’t be that because NPP has come, those known in the NPP are the people who can access the money”.

He further noted that: “if he belongs to any political divide and whatever he is doing is going to benefit that nation he should be able to access it because what he is going to do would benefit the nation and that is key.”

There are also sections of the business community who are calling for a free credit to stimulate the private sector for the needed growth. But the Chairman of the Western Region Chamber of Commerce believes things of this nature should not be free but rather these businesses should bargain for low interest rates.

By: Joe Bright Nyarko

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Joe Bright Nyarko Journalist/Communication Researcher. Environment & Sustainability Advocate. Managing Editor of aptnewsghana.com, a non-profit news portal with bias towards environment and sustainability issues, rural development policies and gender & inequality.