In 2011, the Attah Mills/Mahama government secured a $3 billion loan from the China Development Bank (CDB) which is state owned, for major infrastructure development projects in Ghana. The loan agreement was approved by Parliament in August 2011 amid controversy over the terms and conditions of the loan agreement, particularly, the collateralization of oil against the loan. As a result, the minority in parliament (NPP) abstained from the vote but the majority had their way.
I subsequently posted an article on Ghanaweb regarding the subject (see NPP Abstention on $3 Billion, A Political Opportunism or a Miscalculation ). President Mahama, who was the then Vice-President is reported to have made a direct appeal to CDB through the Chinese Foreign Minister to expedite the release of the loan to Ghana (see, Expedite action on release of Chinese loan - Prez).
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