Captain Smart has reaffirmed his earlier statement that China will take control of two additional state institutions, namely the Kotoka International Airport and the Tema Harbour. This assertion comes after the International Monetary Fund (IMF) report confirmed Mr. Smart's previous claim. In March 2023, Mr. Smart had stated that China could potentially seize control of four state institutions if Ghana failed to repay its loans to Beijing.
Approximately three months later, Ghana secured a $3 billion credit facility from the IMF. The IMF report, which was published in connection with the bailout program, revealed that Ghana had used four of its Chinese loans as collateral. According to the report, if the Ghanaian government defaults on its obligations, the country risks losing revenue from its mineral resources and electricity sales.
Captain Smart, speaking on Maakye on May 25, 2023, reiterated his belief that China will claim ownership of the Kotoka International Airport and the Tema Harbour, in addition to the mineral resources and the Electricity Company of Ghana (ECG). Currently, Ghana owes China a total of $1.9 billion, with $619 million of that amount being collateralized.
The South China Morning Post had previously reported in 2022 that Uganda had experienced similar consequences due to China's loan terms. Uganda was required to repay its debt before funding public services, as specified in the loan agreement for the expansion of the International Airport in Entebbe.
Despite previously mentioning the Ghana Broadcasting Corporation (GBC), Terminal 3 of the Kotoka International Airport, the Electricity Company of Ghana, and the Tema Harbour as potential assets Ghana could lose, Captain Smart now alleges that the Tema Port and the Kotoka International Airport will be the next targets. He believes that China no longer considers the GBC profitable and therefore is not a priority for takeover.
Mr. Smart has reiterated his earlier statement that China will take control of two additional state institutions, the Kotoka International Airport and the Tema Harbour. The IMF report confirmed the possibility of state assets being taken over, and Mr. Smart maintains his stance based on this information. The situation in Ghana mirrors previous instances where countries like Uganda faced consequences for failing to meet China's loan repayment terms.