As Ghana celebrates its 60th anniversary of independence on March 6, it is also faced with a budget deficit and a much higher than expected level of government debt. Its new government is planning to enhance relations with China as a way to revitalize its economy.

Ghana's Ministry of Finance said earlier that it would hold its second meeting with the Chinese embassy since President Nana Akufo-Addo was sworn in on January 7. It said loans would be on the agenda.

Ghana and China have had friendly relations for almost six decades. The Chinese government made available three billion US dollars in concessionary funding and loans for Ghana's infrastructure development in 2011.

“We have been able to access a portion of that. And as much as, I think, 1.5 billion US dollars remains to be taken," says McArios Akanbeanab Akanbong, Ghanaian deputy ambassador to China.

China has played an important role in Ghana's economy, both as a source of consumer goods and also as an importer of Ghana's gold, oil and cocoa. Bilateral trade has boomed from less than 100 million US dollars in 2000 to more than six billion US dollars in 2015.

The expanding trade volume has persuaded a number of Chinese manufacturing firms to relocate to Ghana in a bid to avoid rising costs at home and get easier access to resources. There are now more than 500 Chinese companies operating in Ghana's manufacturing sector. Some Chinese investors are also venturing into growing areas such as energy, cement production and agro-processing.

"Today, China is the No.1 in terms both of value and volume of investment in Ghana," says Akanbong. "Energy is such an important factor in production. But in Africa and particularly in my country, there has been a deficit. "

The Chinese government has financed the three hydro dams in Ghana, as well as the construction of roads.

Akanbong says Ghana has a lot to offer: abundant resources, transparent legal system and favorable policies to foreign investment.

He says Ghana is striving to be a part of the Belt and Road Initiative put forward by China in 2013. The new government of President Akufo-Addo has laid out an ambitious plan for infrastructure development, which is looking for Chinese investment.  

"We have sent a paper to government that would advise principally on the interim committee that will develop the type of projects that we can put forward to the Chinese," he says.

The Ghanaian embassy is urging the new president to visit China to finalize infrastructure investment deals. A benign relationship between the two countries would help him deliver his campaign promises to restore Ghana’s position as one of Africa's most dynamic economies.