The government of Ghana has finalized arrangement with Chinese firm, Sino-Hydro on the $ 2 billion bauxite deal.
According to Dr. Mahamadu Bawumia, the Vice President of the country, $1 billion would be used for massive infrastructural development in the country.
This he said is because the government aims to attain economic independence.
He mentioned that the road sector, housing, technology and innovation would also be prioritised.
The Vice President further stated that, government also intends to benefit from the extractive sector as it has not benefitted much for some years now.
“We are changing the narratives in the extractive sector.
“We have not benefitted really from our natural resources, but this time every one coming to do mining in the country would pay a commensurate measure on proceeds; you are going to pay your tithe also in the mining sector.”
Currently, Ghana’s bauxite reserves stand at 900,000,000 metric tonnes and the state’s integrated aluminum corporation continues to seek joint ventureship and other helpful partnership that would make the resource a blessing to the country.
“This time, we are working very hard to maximize the benefits of all natural resources through policy interventions and new arrangement with investors to ensure that Ghana benefits much from all these resources,” the Vice President added.
The Vice President disclosed this at the 2018 Kuntum Festival of the chiefs and people of the Essikado Traditional Area in the Sekondi/Takoradi Metropolis.