The Chinese government has emerged as a potential buyer of a multimillion dollar stake in Ghana’s National Cathedral plc.
It will be the first time the China Investment Corporation (CIC), a sovereign wealth fund with $200bn in reserves, has invested in the church business.
Analysts say the deal will mark a clear shift in China’s focus on minerals extraction to the more lucrative cash extraction business which has, for a long time, been dominated by sleek talking, bodyguarded, three-piece-agbada-wearing and Armani-suit-wearing local players.
According to reports in China, the Ghanaian government has assured its Chinese counterpart of healthy returns of about 300% within the first five years and committed to pull together “a consortium of Ghana’s finest pastorpreneurs” to manage National Cathedral plc.
A government insider confirmed the reports, adding that “the Akufo-Addo government is in the process of onboarding a group of 6 highly qualified pastorpreneurs; each with a proven track record of making millions off their congregation, many of whom live below the poverty line.”