Ghana and the People’s Republic of China have signed a US$30 million grant agreement to support the construction of a university in Damongo, in a move aimed at expanding access to tertiary education and deepening bilateral cooperation.

The agreement was signed during a meeting between the Minister for Finance, Dr. Cassiel Ato Forson, and the outgoing Chinese Ambassador to Ghana, Tong Defa.

Dr. Forson, on behalf of President John Mahama and the people of Ghana, expressed appreciation to Ambassador Tong for his contribution to strengthening Ghana–China relations during his tenure.

He noted that although the Ambassador’s time in Ghana was relatively brief, it coincided with the successful conclusion of two major grant agreements for the country.

These include funding for a multipurpose market in Aflao and the US$30 million grant for the Damongo university project, both of which, he said, underscore China’s continued support for Ghana’s development agenda.

The Finance Minister further highlighted the long-standing partnership between Ghana and China, which dates back to the era of former President Kwame Nkrumah and Chairman Mao, stressing that Ghana places high value on the relationship and the impact of Chinese investment and development assistance on the country’s economy.

Dr. Forson also underscored the need to deepen economic cooperation by addressing exchange losses associated with bilateral trade.

He revealed Ghana’s interest in exploring trade settlements using the Ghanaian cedi and the Chinese yuan (RMB), noting that reliance on third-party currencies remains inefficient for direct trade between the two countries.

He assured Ambassador Tong that the proposal would be pursued at the policy level, including engagements with the Bank of Ghana.

For his part, Ambassador Tong expressed gratitude to the Finance Minister for the cooperation and support he received during his tour of duty.

He congratulated Dr. Forson on Ghana’s improving economic performance and said he was proud of the state of Ghana–China relations.

The outgoing envoy noted that he was encouraged by the tangible outcomes achieved within a short period, particularly in the area of development cooperation, describing the agreements as evidence of the strong and enduring partnership between the two countries.