China releases Sinohydro deal cash

The first tranche of the ‘bauxite for development’ barter agreement, popularly known as Sinohydro deal, signed between the government and China has been released, 24NEWS.NEWS can report.
Speaking on November 11, 2019 at the Jubilee House in Accra, the Vice President, Dr Mahamudu Bawumia, disclosed that projects under the agreement have been grouped in Lots, and their review and approval is ongoing.
Major progress has been made, Vice President Bawumia stated, with the China and Ghana governments determined to ensure the success of the barter deal.
Vice President Dr Mahamudu Bawumia with Sun Chunlan, at the Jubilee House in Accra
This would see the leveraging of a fraction of Ghana’s bauxite to undertake a massive overhaul of her infrastructural, industrial and agricultural base.
Vice President Bawumia made the disclosure when he led a government delegation including Chief of Staff Mrs Akosua Frema Osei-Opare and Ghana’s Ambassador to China, Edward Boateng, for bilateral talks with a Chinese delegation led by Sun Chunlan, Vice-Premier of the State Council of China, who is on a three day official visit to Ghana, at the seat of government.
“I want to thank you and the Government of China on our Sinohydro facility. I’m happy that Sinosure has approved the first lots of the phase one. We are happy with the progress.
“There was a time when people thought maybe it would not materialise but it has materialised and we hope that the rest of the first phase will come through by March of 2020,” Dr. Bawumia stated.
It would be recalled that the Vice President after a four day official visit to China in 2017, announced the signing of a number of MoUs with Chinese state actors to provide financing for a number of infrastructure projects in Ghana, to be financed by the exploitation of some of Ghana’s minerals, in particular bauxite.
Dr Bawumia reaffirmed the desire of Ghanaians to work hand in hand with China to ensure mutual benefit and growth.
The financial support China has offered to Ghana is made up of a 300 million Yuan (GHC 236.18/$42.79m) grant and a debt write off of 250 million Yuan (GHC 196.82m/$35.66m).
Sun Chunlan commended Akufo-Addo administration for its commitment to the development of the nation.
BY 24NEWS.NEWS/GHANA

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