President Akufo-Addo has defended the move by the Chinese government to earmark $60 billion fund for infrastructure projects in Africa.

According to President Akufo-Addo, the facility provided by China is not aid rather a loan which beneficiary countries are expected to pay back.

He said, “Borrowing money is not aid, what President Xi Jinping offered is a $60 billion fund which Africa countries can assess, not as aid but loans. If you can produce a project which the Chinese think it is worth supporting you can have access to such money and you have to pay it back. We’ll borrow money, everybody borrows money…”

President Akufo-Addo was speaking at the ongoing 2018 Tony Elumelu Foundation Entrepreneurship Forum in Lagos, Nigeria.

He made the remarks when responding to a criticism that he has betrayed Africa by accepting part of the facility at the recently held China Africa Forum despite his quest to develop Ghana and Africa beyond aid.

"The facility from the President of China is a fund that African countries can access and use to support their infrastructure development, that cannot be aid because it's for a purpose and we have accepted it because of the business potential of our nations," he said.

According to the President, many developed nations have borrowed so much and used it to develop their countries and that is why they have a stable growth.

"Many developed nations borrow, America and all other countries borrow and use it wisely. We're not taking aid from China," President Akufo-Addo said.