Youth Activist and a Researcher Ivan Kyei Innocent is of the view that China is investing huge sums of money in Africa to extract raw materials to furnish their industries to catch up economically with the United States of America as the World’s superpower.
Speaking on Onua TV’s program ‘Maakye‘, Ivan was surprised how African leaders have not been able to use Africa’s raw materials to develop the continent.
“For development what you need is the raw materials and fortunately for Africa, we have it in abundance and we don’t have to import it from anywhere, today China’s advances in the World trying to catch up with America as the World’s superpower, Africa is their harvesting point for raw materials to furnish their factories” he said.
Citing DR Congo as an example, Ivan said “If I tell you the huge investment China is doing in DR Congo for copper and some other projects just to extract these raw materials to furnish their factories, you will be shocked”.
China has become Africa’s biggest bilateral lender, holding over $73 billion of Africa’s debt in 2020 and almost $9 billion of private debt.
Out of the Africa’s China debt, Ghana owes China $1.7 billion, according to the International Institute of Finance, a financial services trade association focused on emerging markets.
Story by: Emmanuel Romeo Tetteh (#RomeoWrites) / Ahotoronline.com
