Parliament approves $2b tranche of Bawumia’s China joint venture

A tranche of two billion dollars out of the 15 billion Ghana-China joint venture on Ghana’s bauxite reserves procured by the Akufo-Addo government under the aegis of Vice-President Dr. Mahamudu Bawumia has been approved by parliament today.

The full joint venture will see Ghana leverage less than 5% of its 460 Billion bauxite reserves in a partnership with the Chinese who are giving Ghana an amount of $15 billion over a period.

Ghana has 960 million metric tonnes of Bauxite reserves worth $460 billion. The New Patriotic Party (NPP) government is keen to raise money to fulfil a long list of campaign promises.

Parliament today sat on the joint venture agreement and after ascrutiny careful, duly approved it.

In addition to the above, China Railway International Group Limited signed a Memorandum of Understanding with government, to provide $10 billion grant to support the components of a massive infrastructure development programme spanning the mining, industrial and railway.

Vice President Dr Bawumia outlined infrastructural projects government intends to use the cash expected from China for.

In notes he presented at Africa-China Joint Research and Exchange program in Accra, covered by MyNewsGH.com, Dr Bawumia named 20 categories of investments the government has planned to use the money for and the breakdown.

A grant of about RMB100 million for infrastructure development-to be used to acquire about 500 vehicles for the police. RMB 50 million for the Ghana Armed Forces- 4 patrol boats for the Ghana Navy. Fund construction of 90 bridges across the country. Fund construction of Interchange at ‘Point 7’ in Tamale. This would be the first ever interchange in northern Ghana. Build a new Accra Psychiatric Hospital.

Dr Bawumia had revealed that a major part of the conversation in China was the Integrated Aluminium Industry development. This involves development of the Nyinahin and Kyebi Bauxite Mines and an Aluminium Refinery.

Construction of the Eastern, and Central Rail Lines including its extension to Paga in the north of the country, the Boankra, Buipe Inland Ports and Paga inland terminal, 910 km of road network.

Ten industrial parks in 10 regions, 25,000 houses for the security services, 100,000 social housing units, 25 district hospitals, Western Regional Hospital, Reconstruction and Rehabilitation of 8,286 collapsing classrooms, upgrading 42 SHSs into model schools, Teaching and Learning Materials, 228 Buses and 198 Pickup trucks for schools, Irrigation and water transmission systems in northern Ghana.