Ghana inks $10 bln MoU with China to develop its bauxite industry

<p>Ghana&rsquo;s Senior Minister Yaw Osafo-Maafo yesterday said at a conference in London after coming from China, that it has inked a memorandum of understanding (MOU) with China for the development of country&rsquo;s bauxite industry.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Ghanabauxite.jpg" alt="news" width="517" height="344" /></p> <p>&ldquo;To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10 billion &hellip; we signed an MOU.&rdquo;</p> <p>&nbsp;&ldquo;The money will come from the Chinese Development Bank; the implementation of the project will come from other agencies, infrastructure agencies in China, like China Railway,&rdquo; he added.</p> <p>The project includes construction of 1,400 km of a proposed 4,000 km railway network. The railway network would connect bauxite mines and production sites as well as establish a rail link into neighboring Burkina Faso.</p> <p>{googleAdsense}</p> <p>In March this year, the Minister of Finance, Ghana, Mr Ken Ofori-Atta, expressed the government&rsquo;s desire to fast-track economic development of the country during the presentation of the 2017 budget statement. Mr Ofori-Atta said the government has decided to develop an integrated aluminium industry through six stages.</p>