Saturday, March 6, 2021

China to invest 10 billion dollars into Ghana’s bauxite industry

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Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.
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Ghana has signed an agreement with China that could lead to a 10 billion dollar investment in Ghana’s bauxite industry.

The money will also boost the country’s infrastructure at a time when economic growth has slowed in recent years. Ghana’s Senior Minister Yaw Osafo Marfo said the Chinese Development Bank will provide the money.

This is just the latest development in the growing interest of China in Africa. The extent of that interest has been highlighted in a new report from McKinsey consultancy group.

It said that in two decades, China has become Africa’s most important economic partner. Across trade, investment, infrastructure financing, and aid, no other country has such depth and breadth of engagement in Africa”.

Meanwhile Ghana’s Senior Minister, Yaw Osafo Marfo has refuted claims that the exploration of bauxite in the Atiwa forest will cause environmental hazards.

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There are agitations from some Civil Society groups that the deal which is part of the recently announced 15 billion dollar package with China will impact Ghana’s environment.

Mr Osafo Marfo told the BBC that even though the Atiwa Forest Bauxite reserve will not be the main focus, they are ways to mine the mineral in a safe manner. He says the investment is crucial to unlock the about 460 billion dollars in the sector.

 

 

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Source: Africafeeds.com / Fred Dzakpata

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