The Vice President, Dr. Mahamudu Bawumia, has announced plans by the Government to expand the Volta Aluminum Company (VALCO) to ensure maximum gains from the $2 billion dollar Sino-hydro corporation bauxite for infrastructure agreement.
Speaking at the 2018 Ghana Economic Forum under the theme; "Building a Competitive Economy for Sustainable Growth", at the Movenpick hotel in Accra , Vice President Bawumia said, “as part of the bauxite mining and refinery, we have started the process to expand Valco as the main melting facility for alumina that will come out of the refinery, the good old VALCO is going to witness some substantial uplift from its current position".
Government has established a holding company backed by an Act of Parliament (Ghana Integrated Aluminium Development Corporation).
The holding company,according to the Vice President will soon enter into a joint venture arrangements with potential mining companies to establish a bauxite mine and refinery in Ghana which Sino – Hydro will subsequently be paid by the Government of Ghana through its share of revenue that will be generated from the Bauxite and Minining refinery .
He added that there are critics throwing dust in the eyes of Ghanaians on the viability of the Bauxite deal, but he can assure Ghanaians that Ghana will gain a lot from the $2 billion dollar Sino-hydro deal.
The Ghana Economic Forum was established seven years ago to facilitate dialogue between the private and public sectors in order to improve the business environment in Ghana. It is also designed to support the development of Ghanaian businesses and contribute to their international promotion.
The Ghana Economic Forum brings together chief executives, investors and financial decision-makers to support the development of Ghanaian businesses and also contribute to their international promotion as well as facilitate dialogue between the private and public sector to improveGhana's business environment.
Ghana | Atinkaonline.com | Hughes Boateng