Mr. Joseph Siaw Agyepong, Jospong Group has applauded government for signing the US$2billion bauxite barter agreement with the China government which seeks to transform the country’s infrastructure sector.
He said the bauxite is the gift nature has endowed the country with and it is prudent that government is exchanging it with the infrastructure, as this will help boost industrialize the country.
Mr. Agyepong said this during a panel discussion at the Ghana Economic Forum in Accra themed; Industrializing To Create Jobs-Stimulating Industry For A Self-Sustained Economy’.
Government has concluded the US$2billion bauxite deal with Sinohydro Group Limited after a meeting between President Nana Akufo Addo and China’s President Xi Jinping in Beijing.
The barter trade deal will involve alumina processed from bauxite deposits in the country for a facility of US$2billion from Sinohydro Group Limited for infrastructural development.
Sinohydro Group Limited is expected to provide US$2billion of infrastructure including roads, bridges, interchanges, hospitals, housing andrural electrification in exchange for Ghana’s refined bauxite.
Speaking to Ghanaians living in China during his visit, President Akufo Addo said: “I finally concluded the barter trade deal agreement with President Xi during our meeting”.
He said this is a new source of funding that will be used to boost Ghana’s infrastructure in the area of roads, hospitals, schools among others.
He added that it was agreed as part of the deal that the bauxite will not be exported in its raw state but will be refined in the country before export.
He said Ghana wants to chart a new path of adding value to its natural resources through industrialization, so the era when the country exported its raw natural resources is over.
“We will insist that the raw materials are processed before they are exported out of the country,” he said.