Broadcaster Blessed Godsbrain Smart has reiterated that Asian giants, China, will take over two other state institutions after the International Monetary Fund (IMF) report affirmed an earlier assertion he made.
Mr. Smart, has on March 3, 2023 said China could take over some four state institutions upon the country’s failure to pay the loans it owes Beijing.
Nearly three months after the statement, Ghana secured a $3billion credit facility from the IMF with portions of the Bretton Wood Institution’s report indicating the possibility of some state assets being taken over by its biggest creditor.
Details of the report compiled in connection with the $3billion bailout programme published by the IMF says Ghana has collateralised four of its Chinese loans.
It says Ghana risks losing revenue from its mineral resources and proceeds from electricity sale if the government defaults in its obligation in the agreement with China.
Speaking on Maakye Thursday, May 25, 2023, Captain Smart maintained that China will lay claim to the Kotoka International Airport and the Tema Harbour in addition to the mineral resources and the ECG.
Currently, Ghana owes China $1.9 billion, but $619 million of this amount is collateralised.
A 2022 report by the South China Morning Post has disclosed that Uganda has once fallen victim to China’s loan terms.
According to the report, the repayment terms on a $200 million loan to expand Uganda’s International Airport forced the Ugandan government to repay its debt before funding public services.
“Under the loan from China’s Exim Bank to modernise the Entebbe airport, the Ugandan government is required to channel all revenue from the country’s only international airport into an account held jointly with the lender, according to the contract published Monday by AidData,” reports the South China Morning Post.
Meanwhile, the March 3, 2023, publication made by OnuaOnline quoted the Maakye host mentioning the Ghana Broadcasting Corporation (GBC), Terminal 3 of the Kotoka International Airport, the Electricity Company of Ghana and the Tema Harbour as the parastatals the nation could lose.
Despite issuing a report on the two state assets, Captain Smart has alleged the Tema Port and the Kotoka International Airport will be the next.
He said the GBC is no more a priority for China because it is no more profitable.