London: Ghana has signed a $10bn memorandum of understanding (MOU) with China to develop its bauxite industry, the country’s Senior Minister Yaw Osafo-Maafo said yesterday.
Growth in the West African country slowed sharply in 2014 due to a fiscal crisis and tumbling commodity prices following years of economic expansion at around 8 percent on the back of gold, cocoa and oil exports.
Taking office in January, President Nana Akufo-Addo has outlined a programme of job creation through the private sector and rural development.
“To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10bn ... we signed an MOU,” Osafo-Maafo told reporters at a conference in London after arriving from China. “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 said.
