Sinohydro deal has proven to be a monumental failure – Sammy Gyamfi

• Sammy Gyamfi has jabbed the Akufo-Addo government over the Sinohydro deal

• He described the deal as a monumental failure

• Ghana and China signed the deal in 2018

Sammy Gyamfi, a national communications officer of the National Democratic Congress, has opined that government’s involvement in signing the Sinohydro deal in a bid to enhance the country’s rail, road and bridge networks has proven to be a monumental failure.

The Sinohydro deal which was centered on a barter agreement with the Chinese government will see Ghana repay a US$2 billion loan with proceeds from the country’s bauxite resources.

Making his submission on the Joy News’ Newsfile segment on October 2, 2021, Sammy Gyamfi described the deal as a fiasco which has not yielded any results.

“Some of us are not surprised that the much-touted Sinohydro deal has turned out to be a total fiasco. It has turned out so because in the first place it was just propaganda, calculated to prop up the image of the Vice President [Mahamudu Bawumia], to create the impression that he was doing something extraordinary as Vice President when that wasn’t the case,” he said.

The NDC Communications Officer said government has only been able to access a mere US$100 million from the deal which has been used for the construction of some projects.

Back in 2018, Ghana and China signed an agreement for the Sinohydro deal. As part of the deal, China in exchange for the loan will gain access to 5% of Ghana’s bauxite reserves.