Ghana and Guinea are set to begin discussions for bilateral cooperation in the bauxite industry development, similar to the trade cooperation between Ghana and Ivory Coast in the Cocoa sector.
The nation intended to add value to bauxite by setting up refineries, therefore, the cooperation would enable Guinea and countries patronise the refinery.
This was made known by Vice President Dr Mahamudu Bawumia after a bilateral meeting between him and the Prime Minister of Guinea, Ibrahima Kassory Fofana, on the sidelines of the 14th CII-Exim Bank Conclave on India-Africa Partnership Project in New Delhi, India.
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Bawumia said the cooperation would enable the two countries share knowledge, draw synergies and enhance mutual benefits.
That, he said, would boost the Ghanaian economy and earn additional foreign exchange.
Guinea has the largest bauxite deposits in the world and Ghana has close to a billion metric tonnes of bauxite, therefore the two countries would control between 70-80 percent of the world’s bauxite resources.
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Therefore, the two nations working together would help strengthen their position and voice in the global market on bauxite, which would be beneficial for the two countries.
It is estimated that Ghana’s bauxite deposits in refined form could earn the country an export value of over US$350 billion.
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