President John Dramani Mahama has successfully secured a ¥200 million (approximately US$27 million) grant from the Chinese government to support the redevelopment of the Aflao Market and the National Theatre in Accra.
The grant, part of ongoing bilateral cooperation between Ghana and China, aims to boost infrastructure development and strengthen cultural and commercial ties between the two nations.
The funds will be split between the modernisation of the Aflao Market, which serves as a key trading hub in the Volta Region, and renovation works at the National Theatre, a major cultural landmark in the capital.
Mahama, who has maintained close diplomatic ties with China since his tenure as president, described the grant as a demonstration of the enduring friendship between Ghana and China.
In a Facebook post on Thursday, October 16, 2025, President John Dramani Mahama announced that China had confirmed a new ¥200 million grant to Ghana following his bilateral talks with Chinese President Xi Jinping. The new grant, he noted, comes in addition to an earlier 200 million RMB facility.
Based on the Bank of Ghana’s interbank exchange rate as of October 15, 2025, where one Chinese Yuan (CNY) traded at approximately GH¢1.5786, the latest grant translates to about GH¢315.7 million.
President Mahama explained that the combined funding package would support two major projects — 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,” Mahama stated.
He added that Ghana and China are working to finalise a Zero Tariff Policy by the end of October to enhance bilateral trade.
According to President Mahama, the discussions also covered efforts to promote responsible and licensed small-scale mining in Ghana while broadening 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 collaborate with both the government and the private sector to advance those programmes.
President Mahama further reaffirmed Ghana’s commitment to the One China Policy, assuring President Xi of the country’s readiness to continue working towards what he described as “a new Global System of Governance” being championed by China.
He emphasised that the discussions formed part of Ghana’s broader Resetting Ghana Agenda, which seeks to strengthen partnerships and attract foreign investment to accelerate national development.
Construction and refurbishment works under the grant are expected to begin later this year, following the completion of technical assessments and project design reviews.
If completed, the Aflao Market will feature modern stalls, storage facilities, and improved sanitation infrastructure, while the National Theatre will undergo extensive upgrades to its auditorium, lighting, and sound systems.
