"The rise of BRICS countries like China, Brazil and India gives an alternative to African and other developing countries for much needed investment without having to go through the old rigmarole," said John Dramani Mahama, vice-president of Ghana.
Mahama said the Cold War and US influence in Africa almost compelled countries in the region to seek resources for development from the International Monetary Fund and the World Bank.
Ghana's vice-president was speaking ahead of his visit to Beijing on Thursday to sign a $3-billion loan from the China Development Bank.
Considered the largest loan so far to a West African nation, the money is earmarked for major infrastructure development, including a new gas pipeline, fishing harbors, roads and railway lines.
Mahama, speaking from his official residence at Osu Castle in Accra overlooking the Gulf of Guinea, added Ghana was also in discussions with Brazil to arrange a similar but smaller facility of around $1 billion. Read More
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