President John Dramani Mahama has announced that China has approved an additional 200 million Renminbi (RMB) grant to support key development projects in Ghana.
In a Facebook post on Thursday, October 16, 2025, Mahama announced that the new funding resulted from his bilateral talks with Chinese President Xi Jinping. The latest approval adds to an earlier 200 million RMB facility, bringing the total support to 400 million RMB.
According to the Bank of Ghana’s interbank exchange rate as of October 15, 2025, one Chinese Yuan was traded at approximately GHC 1.5786. Based on this rate, the new ¥200 million grant is equivalent to about GHC315.7 million.
President Mahama stated that the funds will be directed towards two major projects — the construction of the proposed Aflao Market in the Volta Region and the renovation of the National Theatre in Accra.
“The Aflao Market will be an important trading platform linking Ghana and Togo, and forms part of our Resetting Ghana Agenda,” the President noted.
He added that discussions between the two countries also centred on the conclusion of a Zero Tariff Policy by the end of October, which aims to boost trade between Ghana and China.
Beyond trade, the talks touched on Ghana’s efforts to promote responsible and licensed small-scale mining and to expand opportunities for bilateral investment and industrial collaboration.
President Mahama also disclosed that China had shown strong interest in Ghana’s 24-hour economy initiative and the Green Transition policy — two flagship programmes under his administration’s economic recovery strategy.
“China has expressed readiness to work with the government and the Ghanaian business community to advance these programmes,” he said.
Mahama reaffirmed Ghana’s commitment to the One China Policy and its willingness to engage in what he described as “a new Global System of Governance” championed by China.
The bilateral engagement, he said, forms part of the broader Resetting Ghana Agenda — a policy framework aimed at strengthening partnerships, revitalising infrastructure, and attracting foreign investment to stimulate sustainable national growth.