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Ghana seeking more investors to mine bauxite—President Akufo-Addo

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President Akufo-Addo has assured that a request for proposal will be sent out by the end of February, as part of efforts to attract private investors to help in the development of an integrated aluminum industry in Ghana.

He made the comments while delivering his third State of Nation Address to Ghanaians in Parliament.

According to President Akufo-Addo, the needed structures have been put in place to ensure that Ghana’s goal of building a leading integrated aluminum industry is achieved in a timely manner.

“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 create an integrated aluminum industry.

Highlighting the work that the Ghana Integrated Aluminum Development Corporation has been doing so far President Akufo-Addo said 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.”

Background

Government of Ghana 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].

Parliament last year 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.

However, some economists and the Minority in Parliament are opposed to 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.

By: Bobbie Osei/citibusinessnews.com/Ghana


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