President John Dramani Mahama has announced that China has approved an additional 200 million Renminbi (RMB)[official name of China's currency] grant to support Ghana’s development projects.

In a Facebook post on Thursday [October 16, 2025] President Mahama said the agreement followed his bilateral talks with Chinese President Xi Jinping, during which China confirmed the new grant in addition to an earlier 200 million RMB facility.

Based on the Bank of Ghana’s interbank exchange rate as of October 15, 2025, one Chinese Yuan (CNY) traded at approximately GH¢1.5786. Using this rate, the ¥200 million grant translates to about GH¢315.7 million.

President Mahama explained that the combined amount would finance the construction of the proposed Aflao Market and the renovation of the National Theatre in Accra.

“The Aflao Market will be an important trading platform linking Ghana and Togo, and forms part of our Resetting Ghana Agenda,” Mr Mahama stated.

He added that Ghana and China are working to conclude a Zero Tariff Policy by the end of October to promote trade between the two countries.

President Mahama said the discussions also addressed the need to promote responsible and licensed small-scale mining in Ghana while expanding opportunities for trade and investment.

He noted that China had expressed interest in Ghana’s 24-hour economy initiative and Green Transition policy and was preparing to work with the government and the business community to advance those programmes.

He also assured President Xi of Ghana’s adherence to the One China Policy and the country’s readiness to continue working towards what he described as “a new Global System of Governance” being championed by China.

He said the discussions form part of Ghana’s broader Resetting Ghana Agenda, which aims to strengthen partnerships and attract foreign investment for national growth.