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Vol 5 (AAC) No 2

Published 1st December 2011


Ghana

Beijing’s gas loan tests IMF

Officials in Washington are in last-minute negotiations over a compromise deal on the terms of China’s multi-billion-dollar loan to Accra

The International Monetary Fund (IMF) looks set to bend its rules this month to accommodate Ghana’s rush to raise a US$700 million loan from China to build a gas processing plant and pipeline from the two billion barrel offshore Jubilee oil field. Work has to start quickly on the gas project, which has been held up by bureaucratic wrangling, if Ghana is to avoid technical problems with managing the gas from Jubilee.

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