Samsung to take over bauxite, oil refinery and others

Mr J.H. Mensah, Minister and Leader of Government Business has dropped hints that in addition to the Tema Oil Refinery, Samsung Corporation of South Korea would take over Ghana’s bauxite and other resources, reports the Weekly Insight.

Mr Mensah, who doubles as Chairman of the National Development Planning Commission did not elaborate but invited Samsung to take advantage of Ghana’s congenial investment climate to invest in the country.

Speaking at a meeting with Mr Chong – Yeul Pae, President and Chief Executive Officer of Samsung at the company’s headquarters in Seoul, South Korea, Mr Mensah in documents available to the paper, stressed “the need to get the TOR matter out of the way as quickly as possible so that we could tackle other issues like investment in Ghana’s bauxite and other resources”.

Whiles the terms of Samsung’s involvement in Ghana’s “bauxite and other resources” have not been determined, it is understood that the Corporation would soon become a major player in the Ghanaian economy.

The Korean firm reportedly, had excellent relations with the Rawlings government and was given a $200 million contract to rehabilitate TOR which was valued at less than $40 million.

Mr Mensah at the meeting, advised Samsung to convert a loan it took from the IMF into equity in the Tema Oil Refinery.

The Government of Ghana is off loading 25 per cent of its equity in TOR by the end of the year and SAMSUMG has been offered 60 per cent of that.