Ghana is seeking more investors to mine bauxite

Bauxite mines
  • The Ghanaian government is doing all within its power to attract more investors to mine bauxite in the country.
  • President Akufo-Addo said this will help establish an integrated aluminum industry in Ghana.
  • Meanwhile, the Ghana Integrated Aluminum Development Corporation, has been set up to spearhead Ghana’s commitment to creating an integrated aluminum industry.

President Akufo-Addo has indicated that the government will send a request for proposal by the end of February to attract private investors to help in the development of an integrated aluminum industry in Ghana.

He said this is to ensure that Ghana’s goal of building a leading integrated aluminum industry is achieved in a timely manner. He added that the necessary structures have been put in place to make this possible.

“We intend also to mine at long last our bauxite deposits, in order to establish an integrated aluminum industry in Ghana. The Ghana Integrated Aluminum Development Corporation, a statutory corporation has been set up with the support of parliament to spearhead Ghana’s commitment to creating an integrated aluminum industry.”

He added that the key stakeholders have begun consultations.

“Since its formation, the leadership of the corporation has been working tirelessly with transaction advisors and other stakeholders to ensure that all steps are taken to realize the set objectives.”

The government of Ghana signs bauxite deal with a Chinese company

The Ghanaian government sealed an agreement with the Chinese government to sell Ghana’s bauxite to China’s Sinohydro Group Limited and in return receive $2 billion to undertake infrastructural projects in the country [Ghana].

In 2018, Ghana’s parliament approved by resolution the deferred payment agreements between the Government of Ghana and Sinohydro Corporation Limited for USD 646.6 million. The amount is the first tranche of the USD 2 billion to support the construction of priority infrastructure projects in the country.

Meanwhile, some economists and the Minority in Parliament are against the deal calling on the government to classify it as a loan.

The Minority subsequently petitioned the International Monetary Fund (IMF) over the issue seeking clarification as to whether the facility is a loan or not.

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