Ghana receives first tranche “Sinohydro Money”.

According to the Vice President of Ghana, Dr. Mahamudu Bawumia, the Chinese government has released the first tranche of money under the Sinohydro deal to the government of Ghana. The agreement was a result of the Government of Ghana leveraging the country’s bauxite for development.

The Vice-President, Dr. Mahamudu Bawumia, who revealed this at the Jubilee House in Accra yesterday that the projects the money is going to fund are have been grouped into lots and are under review pending approval.

Major progress had been made, Dr. Bawumia stated, with the governments of China and Ghana determined to ensure the success of the ‘bauxite for development’ barter deal, which would see “the leveraging of a fraction of Ghana’s bauxite to undertake a massive overhaul of her infrastructural, industrial and agricultural base.”

The Vice-President made the disclosure at bilateral talks with a Chinese delegation. The Ghanaian delegation included the Chief of Staff, Mrs. Akosua Frema Osei-Opare, and Ghana’s Ambassador to China, Mr. Edward Boateng.

The Chinese side was led by the Vice-Premier of the State Council of China, Sun Chunlan, who is on a three-day official visit to Ghana.

Dr. Bawumia thanked the Chinese government for the Sinohydro facility. “I’m happy that Sinosure has approved the first lot of Phase One. We are happy with the progress”.

He further stated: “There was a time when people thought maybe it would not materialize but it has materialized and we hope that the rest of the first phase will come through by March of 2020”.

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