The Energy Advisor to the President, Amarkwei Amar has disclosed that government will channel part of the $ 3 billion loan facility from China into adding value to precious minerals produced in the country.

Precious minerals produced in the country are often sold on the international market in their raw form, a move which some dealers in the precious minerals market say does not earn the country much revenue.

Speaking on Multi TV’s political talk show, Majority Caucus, Mr. Amar said funding would be made available to process precious minerals such as bauxite, iron ore, silicon and manganese before they are exported so that the value added would attract some more money for the state and also create jobs for those engaged in the sector.

The move, he explained is aimed at transforming the economic base of the country through government’s agenda for shared growth and accelerated development for a better Ghana.

Mr. Amar said a proposal on the disbursement of the loan facility has been laid before Parliament for approval.

He noted that the loan facility if approved by the House will cover other infrastructural and development projects like the “gas infrastructure” and “the accelerated agricultural expansion and modernization” projects which are meant to focus on the provision of infrastructure to enable easy access to the Volta basin - which stretches from the Accra plains to Afram plains and onward to the savannah areas.

Other important projects earmarked to be undertaken with the loan include the revamping of the railway lines and the Takoradi ports to assist in the transportation of precious minerals.

On the impact the $3 billion loan facility will have on the country’s debt portfolio, a Deputy Finance Minister, Seth Terkper said “the $3 billion will be disbursed in two tranches; $1.5billion for part A and [another $1.5billion for] part B. The part A is a loan facility for 15 years and part B is a loan facility for 10 years” which gives government the opportunity to invest in productive sectors of the economy to pay back the loan.