GHANA TO PAY FOR INFRASTRUCTURE PROJECTS WITH REFINED BAUXITE

ACCRA– Vice President Dr Mahamudu Bawumia says the Ghanaian government will use refined bauxite produced in the country to pay for the cost of infrastructure to be constructed by China’s Sino-hydro Corporation.

The government has signed a two-billion-US-dollar Infrastructure Barter Arrangement with Sino-hydro and Vice-President Bawumia said the Chinese company would neither mine the country’s bauxite deposits nor take the raw bauxite away.

He said government would instead set up a holding company under an Act of Parliament called the Ghana Integrated Aluminum Development Authority which would enter into a joint venture agreement with potential mining companies, refineries and off-takers to establish the bauxite mines and refinery.

After mining and refining, the Government of Ghana will then use its share of the refined bauxite to pay-off whatever cost of infrastructure provided by the Sino-hydro Corporation. This will only happen after a period of three years and on condition that Sino-hydro has completed the infrastructure projects, he said.

Ghana has about 900 million tonnes of bauxite deposits worth about 50 billion USD but upon refining it could fetch the nation more than 400 billion USD.

Vice President Bawumia was speaking at the Ghana Economic Forum beig held here under the theme: Building a Competitive Economy for Sustainable Growth. The two-day event serves as a platform for captains of industry to debate on key issues affecting the Ghanaian economy and proffer innovative ideas to resolve them.

Source: NAM NEWS NETWORK

GHANA TO PAY FOR INFRASTRUCTURE PROJECTS WITH REFINED BAUXITE

ACCRA– Vice President Dr Mahamudu Bawumia says the Ghanaian government will use refined bauxite produced in the country to pay for the cost of infrastructure to be constructed by China’s Sino-hydro Corporation.

The government has signed a two-billion-US-dollar Infrastructure Barter Arrangement with Sino-hydro and Vice-President Bawumia said the Chinese company would neither mine the country’s bauxite deposits nor take the raw bauxite away.

He said government would instead set up a holding company under an Act of Parliament called the Ghana Integrated Aluminum Development Authority which would enter into a joint venture agreement with potential mining companies, refineries and off-takers to establish the bauxite mines and refinery.

After mining and refining, the Government of Ghana will then use its share of the refined bauxite to pay-off whatever cost of infrastructure provided by the Sino-hydro Corporation. This will only happen after a period of three years and on condition that Sino-hydro has completed the infrastructure projects, he said.

Ghana has about 900 million tonnes of bauxite deposits worth about 50 billion USD but upon refining it could fetch the nation more than 400 billion USD.

Vice President Bawumia was speaking at the Ghana Economic Forum beig held here under the theme: Building a Competitive Economy for Sustainable Growth. The two-day event serves as a platform for captains of industry to debate on key issues affecting the Ghanaian economy and proffer innovative ideas to resolve them.

Source: NAM NEWS NETWORK