News Line! Senior Lecturer at Ashesi University and Afro-Chinese Relations expert, Dr. Lloyd Amoah has said Ghana is a big loser in the US$3billion Chinese Development Bank (CDB) deal. “Using the Jubilee Oil Field as collateral for the loan should not have happened in the first place because that move collided with the Petroleum Revenue Management Act, Act 815, 2011” he said. Dr. Lloyd Amoah made this statement in an interview with Afia Pokua on Burning Issues. The loan conditions also require that Ghana begins repayment ahead of the full advancement of the loan. As a result, the Chinese has so far advanced US$600million out of the proposed US$3billion, and Ghana has already put US$72million into an escrow account as part of the repayment condition under the loan agreement. In the agreement, Ghana will be supplying China 13,000 barrels of crude oil daily, which is the share of Ghana’s oil in the Jubilee Field.
Posted on: Thu, 16 Jan 2014 12:20:20 +0000
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