The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Mr. Michael Ansah has disclosed an ongoing policy framework being worked on to develop the downstream aluminium industry, that is expected to attract companies to invest in the sector.
According to Mr. Ansah, GIADEC in partnership with stakeholders is seeking to prepare a policy environment and incentive framework that will support the downstream industry that will be set up, noting “sometime this year, the policy framework should be ready to become a legal document.”
“So, it’s a process. We have developed some initial studies which is what would be discussed, once we have formulated everything, we will have a framework. We will work with Ministry of Trade, Finance, others to see when that can be turned into a legal document but that should be sooner. We are looking this year to formulate that and drive that.”
Mr. Michael Ansah
Speaking to journalists at the opening of a Two-day Downstream Aluminium Industry Workshop 2023, at Royal Senchi Hotel in Akosombo in the Eastern region, the CEO averred that the workshop is about the development of the downstream aluminium industry and that’s important in everything that is being done under the integrated aluminium plan, adding that: “The downstream is actually the heart that will drive a lot of industrial transformation.”
“We are looking at a master plan that will lead to the modernization and retrofitting of the Valco plant. Once that is done, we are going to be producing in the region of about 300,000 tonnes of primary aluminium, and will make sure that a lot of this is utilized in Ghana for the benefit of the country to grow the economy.”
Mr. Michael Ansah
Industry Not Underestimated, Call On Government For Support
According to Mr. Ansah, the potential of aluminium cannot be underestimated. The global economy, he said, is headed that way in terms of how the country utilizes aluminium in a big way.
“The establishment of the integrated aluminium industry will propel Ghana to lead across Africa. We will build policies that will attract companies to come and establish here, we have done so successfully in the auto manufacturing part which is why we see these companies producing, and I think we can repeat that success with getting a whole load of companies in the aluminium downstream sector.”
Mr. Michael Ansah
The policies, according to Mr. Ansah, will focus on raft of areas that will attract investors into the industry.
“We will take into consideration the sort of policies government put in place to make Ghana an attractive place for such companies who want to make these sorts of investments here. These are going to be multi-million dollar investments and as such with decisions like that , the policy backing is there. We will also look at the tax incentive framework which is to ensure that we don’t give too many incentives to companies .
“But is all around what we do that recognizes what industry needs, and the important thing is that we are not coming here with pre-conceived ideas. We have done some work in terms of trying to define what would be attractive, having engagement with industry.”
Mr. Michael Ansah
Taking opportunity of the program, Mr. Michael Ansah called on the ministry of trade for assistance and support to make the policy achievable.
“Several companies are represented here and we want to have a conversation that will yield good result. We want to make sure that the ministry of trade, finance supports so we got some building blocks for the policy.
“We will build the framework that the industry is asking for and promote the industry as a whole. So, we hope to put this on the table of government to make sure that we can be prepared ahead of these industries coming to Ghana.”
Mr. Michael Ansah
Read also: Ghana’s Quest to Build Integrated Aluminium Industry Steadily On Course- Abu Jinapor
