Ghana Seeking Investors For Bauxite Extraction: President Akufo-Addo

Ghana Seeking Investors For Bauxite Extraction: President Akufo-Addo

An integrated aluminium industry is the goal of Ghana’s government, and the country’s president intends to achieve it with the help of private investors from around the globe.

Such was the message from President Nana Akufo-Addo to Parliament late last week, promising a formal request for proposals will be distributed by the end of this week.

Per Akufo-Addo, Ghana has the groundwork in place for such an endeavor to be accomplished in a timely fashion.

“We intend also to mine at long last our bauxite deposits, in order to establish an integrated aluminium 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 aluminium industry.”

He continued by noting that the Ghana Integrated Aluminum Development Corporation has already made significant progress to that end.

“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,” explained Akufo-Addo.

At present the government already has several agreements in place related to bauxite mining and production. Last year the government sealed a deal with the government of the People’s Republic of China to sell bauxite to SinoHydro Group Limited in exchange for US$2 billion in infrastructure improvements. Though the deal has been met with resistance by some Ghanaian politicians, the legislature approved the deal, including a first payment of US$646.6 million via a deferred payment agreement.

Ghana sits atop a vast cache of some of the highest-quality bauxite ore ever discovered. However, political and economic problems have long thwarted efforts by both local interests and overseas buyers to establish large-scale extraction operations. Cultivating a strong integrated aluminium sector has been a goal of Akufo-Addo since his inauguration two years ago, following up on promises of the same along the campaign trail.