GHANA ATTRACTS INVESTORS (NOV 23, 2010)

Just last September, President John Evans Atta Mills embarked on a trip to China and Japan where he signed a number of bilateral agreements with the two countries for the development of the country’s infrastructure, as well as its oil and gas sector.
In China, Ghana signed a comprehensive finance project facility with the China Development Bank for the development of infrastructure for the upstream, mainstream and downstream development of the country’s oil and gas sector. The Shangai Construction Company also agreed to build hospitals in Wa and Kumasi.
Barely three months after the President’s trip to China, we hear that Chinese investors are here to inject about $570 million into three major projects in the mining, health and agricultural sectors.
The investments include a $500-million project meant to facelift some parts of the Korle-Bu Teaching Hospital, the construction of a $42-million gold refinery in Accra and a $25-million oil palm refinery and processing factory in the Central Region.
In all, these three projects are expected to create more than 200,000 jobs, particularly for the youth, and also have a major impact on the country’s economy.
Already, we hear officials of the China and Africa Fund Holding, a Chinese government agency for investments in Africa, are due in Accra pretty soon to conclude arrangements and sign an agreement on the agency’s commitment to provide funding for the Korle-Bu project. They will also hold meetings with officials of the Ministry of Food and Agriculture to seek confirmation for the funding of the $25-million oil palm processing factory.
This should be good news for all Ghanaians, especially the establishment of the gold refinery project in the country in June next year.
At the moment, all gold produced here is sent to Europe to be refined, at a huge cost to the nation. What is sadder is that when we send, say, 1,000 ounces of gold out to Europe to be refined, we do not have the means to know what percentage is refined.
The establishment of the gold refinery here will enable us to derive maximum benefit from our gold production. It will also provide ancillary work and services for our people, as the production of jewellery, gold coins, medals and other gold products will boom in the country.
In addition, with a gold refinery here, we can upgrade the quality of our bullion to the standard required for sale on the world bullion market.
We believe that if the three projects are successfully established and become operational, the impact on the national economy will be immense.
By all means the Chinese investors will come and so the onus is now on us to put in place the necessary regulatory framework in terms of tax regimes, export procedures and what have you.
We want to believe that Dr Lorinda Liang, the Chief Executive Officer of Modern Gold Refinery, a part of the Chyuan Chya Group of Investment, under whose auspices the three projects will be executed, and her company are here to partner us to develop our economy and not to take advantage of us.
We can co-operate for our mutual benefit.