Word: offing
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Dates: during 1960-1960
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The steamy banks of Ghana's crocodile-infested Volta River seemed an unlikely place to make a major test of Western investment faith and prospects in the new, fiercely nationalist countries of Africa, but so it was. Meeting in Accra, President Nkrumah's Ghana government and a consortium...
For 3½-year-old Ghana, whose economy is almost wholly agricultural, the Volta dam and smelter combination could well provide the springboard to a miniature industrial revolution. Ghana's chief resources are the tremendous hydroelectric power potential of the Volta River and a large supply of bauxite ore...
But the big question is how Kaiser's consortium, the Volta Aluminium Co. Ltd. (VALCO),* will fare in raising $178 million in private money to build the smelter. Although the Ghana government has given VALCO a written promise that it will not expropriate the Volta plant once it is...
*VALCO's five participating companies, who will each buy a share of the Volta plant's output: Kaiser Aluminum, the Aluminum Co. of America, Reynolds Metals Co., Olin Mathieson Chemical Corp., and Canada's Aluminium Ltd.
AIRLINE TRAFFIC CUT will probably result from the President's order to reduce number of military dependents abroad to stem gold outflow. Last year airlines earned $68 million ferrying 428,000 dependents. But projected contracts for $35 million to haul 221,000 persons in 1961 are now in doubt...