Business News of Tuesday, 4 July 2017
Source: classfmonline.com
2017-07-04
The government has sold Ghana Bauxite Company Limited to a Chinese company
Ghanaians must desist from undermining the efforts of local companies in order for them to grow and employ more youth in the country, Rafik Mahama, an associate of Ibrahim Mahama, CEO of Engineers and Planners, has said.
According to him, assertions by the government, as published in the newspapers, that some bauxite concessions had been sold to Ghanaian companies are inaccurate and only meant to create a non-existent impression that local companies are being supported.
A press statement he released said: “The allegation by the technical advisor to the Vice President, Gideon Boako, that Exton Cubic Group Limited has bought 58 per cent of Ghana’s entire bauxite concession as published by the Daily Guide newspaper on Friday 30/06/2017 is not true. We have three bauxite concessions in Ghana: we have Awaso concession, Nyinahin Concession, and Kibi Forest Reserve.
“The government has sold Ghana Bauxite Company Limited to a Chinese company and also has given the Kibi Forest Reserve to the Chinese as part of the $15billion Chinese loan recently agreed after the Vice President’s visit to China. Exton Cubic Group Limited is the only local company that has the capacity to challenge the foreigners in that sector. That’s a fact. That’s why they were given part of the Nyinahin Concession.
“It’s interesting to note that the government wants to give part of the Nyinahin Concession to the Chinese again as part of the $15billion loan despite the Chinese controlling Awaso and Kibi forest reserves already. It is clear Mr Gideon Boako’s statement against Exton Cubic Group Limited, a local company, was done to whip up sentiments against the company. But that has failed miserably.
“It appears Mr Gideon Boako wants the Chinese people to come and mine the bauxite with Chinese labour and repatriate the profits to China and we go back to get grants and loans from the proceeds of our resources. Meanwhile, the local company will employ thousands of Ghanaians to work and better their living conditions. We must not undermine the efforts of our local companies. The government must support them to thrive in their various sectors. It’s a sad reality that most local businesses are suffering in silence. The engine of growth is the private sector and not the public sector.
“The danger of having a malfunctioning private sector is unabated unemployment. Despite the difficulties, most private sector companies are still employing thousands of individuals, be it formal or informal sector. Mr Ibrahim Mahama will continue to work to consolidate the government’s fight against unemployment.
“We must eschew the needless attacks and rather encourage local companies to be among the best in their sectors across the world.”
