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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

    Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors

    African Development Bank announces $25 billion pledge to boost climate finance in Africa

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New report casts doubt on govt’s ability to repay US$2 billion Sinohydro loan

February 28, 2020
in Business, Oil And Gas, Top Stories
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A new report by the Natural Resource Governance Institute says Ghana may find it difficult to repay the US$2 billion Sinohydro loan expected to be paid with proceeds from the country’s bauxite resources.

The report, titled ‘Resource Backed Loans: Pitfalls and Potentials’, says countries that depend on resource backed loans like the Sinohydro-bauxite deal ran the risk of accumulating mounting debts due the secrecy of such agreements.

A resource-backed loan is a borrowing mechanism by which a country accesses finance in exchange for, or collateralized by, future streams of income from its natural resources, such as oil or minerals.

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Ghana’s Integrated Aluminum Development Corporation, which manages the country’s bauxite reserves took the country’s new resource backed loan provided by Synohydro in order to develop infrastructure in exchange for future refined bauxite.

Ghana is obligated to repay a $2 billion loan it agreed with Chinese state company Sinohydro in 2018.

According to the extractive policy think tank, its analysis of the loan shows that it may prove hard to service, as the repayment schedule requires a rapid ramp-up of production and refining.

The analysis of the natural resource governance institute follows a similar assessment by the International Monetary Fund, IMF, which warns that delays in development in terms of expanding production could lead to potential loss of collateral.

Bauxite mining: Gov’t to settle on key investors by close of 2020

President Akufo-Addo has said that the Ghana Integrated Aluminium Development Corporation (GIADEC), will by close of this year, enter into joint venture partnership with investors for the mining of the country’s bauxite reserves.

Speaking at the 2020 State of the Nation Address in Parliament, the President said the move is part of government’s plans to boost the country’s industrialization agenda.

“We have decided at long last to explore our bauxite, manganese and iron ore deposits which allow us to establish an integrated bauxite and aluminum industry and iron and steel industry. The Ghana Integrated Bauxite and Aluminum Development Corporation and the Ghana Integrated Iron and Steel Corporation were established by law as the vehicles for this exploitation.”

Tags: bauxiteGhana Integrated Aluminium Development CorporationSinohydro
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