Ghana has long been an ideological ‘friend’ of China. In the early 1960s Chinese involvement centred on a treaty of friendship, economic and technical cooperation agreements. Relations remained cordial but low key until the new millennium, when activities intensified. By the end of 2001 more than 200 contracts had been signed by Chinese companies with a value of US $227.58 million.
In 2002, the trade value of China and Ghana came to US$ 212.43 million, of which Chinese exports made up US$ 182.28 million while the import value was US $30.15 million. However, the Ghanaian textile industry is feeling the pressure of competition from the Chinese firms. In 2002 the Chinese President, Jiang Zemin, held talks with Ghanaian president, reemphasising the non-interference policy towards Africa and thanking Ghana for supporting its one-China policy. As a gesture of friendship the Chinese government gave Ghana a grant of US $3.6 million.
In year 2005, China was eighth trading partner for exports and second for imports with Ghana. Ghana has also received an interest-free loan of 20 million RMB and provided 230 million RMB to finance the reconstruction of the 17.4km Ofankor-Nsawam stretch of the Accra-Kumasi Highway. In 2006, Premier Wen Jiabao visited Ghana and signed the Joint Communiqué with Ghanaian President John Agyekum Kufuor.