River project was officially launched at Akosombo in 1961 after successfully negotiating international loans against the active campaign of opposition mounted by Dr. K.A. Busia. In 1961 a new harbor opened and started operating in Tema, and the Volta Aluminium Company (VALCO) was formed to establish an aluminium smelter at an estimated cost of £100 million in 1962. A Unilever Soap factory started operation at Tema on 24 August 1963. Ghana's Republic Three years after Independence, in March 1960, proposals for a republican constitution were published. A plebiscite was then held in April, the result of which made it clear that the people of Ghana welcomed a republican constitution, and overwhelmingly voted for Nkrumah to become the first president. On 1 July 1960, Ghana became a republic. The governor general, Lord Listowel, performed his last duty, the prorogation of parliament. The Republican constitution contained the unique provision that: "The independence of Ghana should not be surrendered or diminished on any grounds other than the furtherance of Africa unity, that no person would suffer discrimination on grounds of sex, race, tribe, religion or political belief, and that chieftaincy in Ghana would be guaranteed and preserved. Freedom and justice would be honored and maintained". Nkrumah was installed as president at State House on 1 July 1960. On that same day, the new president, accompanied by President Sekou Toure of Guinea and other African leaders, lit the flame of African freedom. This was to be kept burning to symbolize the CPP government's continuing, vigorous Pan-African efforts to bring about the total liberation and unity of the continent. The second phase of economic transformation The CPP adopted a program of "Work and Happiness" in 1962 designed to define the lines of national development to be implemented by the seven-year development Plan. The objectives were to build a socialist state devoted to the welfare of the masses, and turning Ghana into the power house of the African revolution. In March 1964, building on the work of previous plans, the Seven Year Development plan was launched. The main tasks of the plan were to: 1. Speed up the growth off the national economy. 2. Embark upon the socialist transformation of the economy through the rapid development of state and co-operative sectors. 3. Eradicate completely the colonial structure of the economy. There was to be a period of mixed economy, when a limited private sector would be