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.

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Pulse Influencer Awards 2022 is Live!

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Dance

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job