Ghana's bauxite industry foresees $10 billion Chinese investment

The senior presidential advisor to the Akufo-Addo Administration, Senior Minister Yaw Osafo Maafo stated that Ghana can generate 100,000 jobs from a $10 billion loan agreement with China. In 2017, the Chinese government committed a sum of $15 billion to support developmental projects in Ghana.

The Chinese government in 2017 had committed a sum of US$ 15 billion to developmental projects in the West African nation. Mahamudu Bawumia, the Vice-President of Ghana pointed out that the country would grasp its resources in cooperation with China and anticipates the investments to be utilized to enhance the economy.

However, he emphasized that the China Exim Bank and other partners were committed to supporting Ghana. Yaw Osafo Maafo said, “Ghana can create 100,000 jobs from a $10 billion loan agreement with China.”

On 25^th June 2022, the Vice President unveiled that the Chinese government had committed an amount of $15 billion to aid developmental projects in Ghana. He further exemplified that an additional $4 billion was expected in July 2017 aside from the $2 billion in support of the government's One-District-One-Factory project announced on the same day.

The Vice-President also added, “It will not be a traditional model of borrowing and aid. It will be based on the bargaining power of the country’s natural resources. China is expected to invest $10 billion into Ghana's bauxite industry through the deal.”

However, Osafo Maafo said: “We are more than satisfied that this deal will benefit the ordinary Ghanaian because this will create employment for the ordinary Ghanaian. The creation of employment out of the exploitation of natural resources can only be beneficial to our people.”