There is vision and wisdom in this $2bn Sinohydro deal”, Danquah Institute founder, Mr Gabby Asare Otchere-Darko has said.
According to him, “The President came with a vision to add value to our economy”, saying: “We need roads” but “we are limited in how much we can borrow”.
Mr Otchere-Darko said the President’s vision is evidenced in his setting up of the “Ghana Integrated Aluminium Development Corporation to develop this one billion metric tonnes industry, which can fetch the nation hundreds of billions of dollars along the value chain”.
“He [President] had the wisdom to link this vision with the mission to build Ghana’s infrastructure.
“GIADEC is working to get the first alumina refinery built within two years. The Sinohydro deal has a 3-year grace period, after which we start paying”, the President’s cousin said on Facebook.
“The President has linked payments to Sino to, at least, refined bauxite (alumina), if not aluminium. I call it leadership. Keep faith with Akufo-Addo; stay with NPP”, Mr Otchere-Darko urged.
Parliament, in December 2018 approved the $2 billion bauxite-for-infrastructure barter arrangement between the government of Ghana and China’s Sinohydro Corporation.
This arrangement seeks to leverage a fraction of Ghana’s bauxite resources to address the country’s infrastructure challenges and will provide a wide variety of projects including hospitals, bridges, interchanges, roads, affordable housing, rural electrification, and many other projects in line with the government’s development agenda.