Chinese relations with African countries have increased significantly during the last two decades. In recent times, a large number of Chinese nationals have temporarily relocated to parts of the continent to engage in trade, mining and other businesses. The limited to no approach on Sino-African relations has created mixed feelings among Africans and especially scholars. A wide range of academic publications on Sino-African relations in recent times have especially focused on the impact of China on African economies. However, there is scant research on Ghana's partnership with China. The purpose of this study was to examine the challenges and opportunities of Ghana-China relations through the lenses of realism and liberalism as theoretical frameworks. The study adopted a qualitative approach. Data was collected through interviews with purposively selected respondents, along with field observations, archival reviews and relevant literature. The aim was to examine the impact of Chinese relations on Ghana, in the areas of development, governance, trade, aid and investment. A total of 35 respondents participated in the study. These included academics, market women, members of civil society and traditional leaders. The study found that some of the perceptions of ordinary Ghanaians about China were inaccurate and misplaced. However, the study revealed the tension that exists between local communities and Chinese investors. At the governmental level, it was found that the economic and trade relations between Ghana and China have become stronger. However, it was noted that, consistent with China's realist foreign policy orientation, and in spite of China's growing trade, aid and investment in Ghana, Beijing has on the whole enjoyed more benefits than Accra in the relations between the two countries.