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

Ghana’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’s bauxite industry.

“To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10 billion … we signed an MOU.”

 “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,” he added.

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.

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In March this year, the Minister of Finance, Ghana, Mr Ken Ofori-Atta, expressed the government’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.