Ghana and China sign US$30 Million grant agreement for Damongo University Construction
20th January 2026
The agreement was signed at a meeting between the Minister for Finance, Dr Cassiel Ato Forson, and the outgoing Chinese Ambassador to Ghana, H.E. Tong Defa.
Speaking at the meeting, Dr Forson, on behalf of President John Dramani Mahama and the people of Ghana, expressed appreciation to Ambassador Tong for his contribution to strengthening bilateral relations between Ghana and China.
He noted that although the Ambassador’s tenure was relatively short, it coincided with the successful conclusion of two major grant agreements for Ghana—the financing of a multipurpose market in Aflao and a US$30 million grant for the construction of a university in Damongo.
Dr Forson further highlighted China’s broader role in supporting Ghana’s economic development through investment and development cooperation, reaffirming Ghana’s deep appreciation for its long-standing relationship with China, which dates back to the era of President Kwame Nkrumah and Chairman Mao.
The Finance Minister stressed the need to further deepen economic cooperation between the two countries by reducing exchange losses associated with bilateral trade. In this regard, he disclosed Ghana’s interest in exploring trade settlements using the Ghanaian cedi and the Chinese currency, the renminbi (RMB), rather than relying on third-party currencies.
He assured the outgoing Ambassador that discussions on the matter would be advanced at the policy level, including consultations with the Bank of Ghana.
In his remarks, Ambassador Tong expressed gratitude to the Finance Minister for the cooperation and support he received during his tour of duty and congratulated Dr Forson on Ghana’s improving economic performance.
He said he was proud of the current state of Ghana–China relations and encouraged by the tangible results achieved within a short period, particularly in the area of development cooperation.