U.S. investment in African university fails as China advances
When the U.S. government’s private-investment arm teamed with New York-based real-estate investor W.P. Carey Inc. to finance the expansion of a prestigious university in Ghana, it was meant to demonstrate a novel for-profit funding model for development projects in Africa.
Instead, it left a wasteland of unfinished lecture halls, dormitories and a pile of litigation. And it marked a high-profile setback for U.S. government efforts to counter China’s growing investment influence on the continent.