General News of Tue, 6 Mar 201831
Bauxite earnings to finance Ghana beyond aid projects - Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has announced an infrastructure development plan across the country to be financed with proceeds of the country’s bauxite as part of measures to move Ghana beyond aid.
According to the President, the plan which would be executed in the coming months would involve the batter of refined bauxite for infrastructure.
He said in that regard, government was in talks with potential partners to establish an aluminium refinery to add value to the country’s bauxite for export.
Speaking at the 61st Independence Day celebrations in Accra, President Akufo-Addo noted that the law establishing a bauxite and aluminium development authority was far advanced and would soon be submitted to Parliament.
“My government is going to implement an alternative financing module to leverage our bauxite reserves in particular to finance major infrastructure programme across Ghana. This will probably be the largest infrastructure programme in Ghana’s history without any addition to Ghana’s debt stock,” he said.
“It will involve the batter or exchange of refined bauxite for infrastructure. We expect to conclude this agreement and start its implementation this year. This will represent a paradigm shift in the financing of our development priorities and make it possible for Ghana to move beyond aid,” he added.
On the establishment of a bauxite and aluminium development authority, President Akufo-Addo noted that it is time for Ghana to take its destiny into its own hands by designing and carrying out appropriate policies and measures that would ensure that the country gets its fair and proper share of the value of its wealth.
“Government will be rolling out such policies as an integral part of our determination to move Ghana beyond aid. We have huge infrastructure needs in areas of roads, bridges, water, electricity, housing, hospitals and schools and the problem has always been where to find the money. However, where there is a will, there is a way,” he noted.