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Business News of Friday, 12 March 2004


Chinese To Help Ghana Buy VALCO?

The Chinese government has agreed to give Ghana financial support to purchase the Volta Aluminum Company (VALCO). Mr Osafo-Maafo and Mr Wei signing the agreement It says a high-powered Chinese trade team is already in the country to hold discussions with the government and work out the details.

The delegation led by the Chinese Deputy Minister of Commerce, Wei Jianguo, includes eight entrepreneurs, 10 public officials and the general Manager of China?s biggest aluminum company.

At a ceremony in Accra yesterday, the two countries signed $3.75, million interest-free agreements for the purchase.

Mr. Jianguo said VALCO was a big investment and therefore his government needed a lot of information and documentation on the matter.

Finance and Economic Planning Minister, Mr. Yaw Osafo Maafo, on his part urged the Chinese government to invest in Ghana?s roads and railways as well as in the telecommunication sector to make Ghana Telecom the best in W/Africa.


Chinese business delegation has expressed interest to invest in the Ghanaian economy, especially in the areas of cocoa and oil palm processing for export.

It also decided to explore areas of investment in solar energy and communication and technology.

The delegation, comprising 16 captains of Chinese industry, has decided to explore the possibility of securing an exclusive industrial enclave for Chinese businesses in Ghana.

The delegation, led by Mr. Wei Jianguo, the Chinese Vice-Minister of Commerce, expressed this interest and optimism when it called on President Kufuor at the Castle, Osu, and yesterday.