Out of the total loans of $13 billion acquired from the China development Bank, $10 billion is said to be pumped into the building of roads, railways, school and hospitals in Ghana, while the rest three billion dollars will go towards building of oil and gas infrastructure, Ghana's Deputy Finance Minister Fiifi Kwetey said per phone from Beijing.
China, which recently overtook Japan as the world's second-largest economy, has been searching for resources to feed its growing energy needs.
"The China-Exim Bank has given Ghana 10 billion dollars for the building of roads, railways, school and hospitals said the Deputy Finance Minister Fiifi Kwetey.
The loans are to be staggered over several years and details of repayments will be fine-tuned later.
"It's not a one-off financing, said Fiifi Kwetey
, adding the newly discovered oil has been a kind of attractiveness for China to support Ghana
China is clearly showing vast confidence about the potential of the continent,"