Minister for Lands and Natural Resources, Samuel A. Jinapor, has called on the investor community to consider Ghana’s stable democracy, vibrant economy, and resilient democratic institutions, to invest in building its integrated aluminium industry.
Delivering a government statement on investment opportunities in Ghana’s Integrated Aluminium industry on behalf of the President of Republic, Akufo-Addo, at the ongoing fast markets bauxite and Aluminium Conference in Miami, USA, the Lands Minister stated that government’s commitment remains making Ghana the mining hub of Africa, and use mining as the impetus for sustainable development. He indicated that government will continue to engage relevant stakeholders for the benefit of the people of Ghana.
The Minister used the occasion to highlight the successes of Ghana Bauxite Company (GBC), the oldest and only existing bauxite mine in Ghana, as well as the Ghana Integrated Aluminum Development Corporation (GIADEC) and opportunities for investment in these entities. Particularly referencing Ghana Bauxite Company (GBC), which has the capacity to produce over 5 million metric tonnes of bauxite annually, he explained that the entity is positioned to be anchor of “our integrated aluminium industry, through strategic partnership and investment”.
It would be recalled that at a recently held workshop in Akosombo by GIADEC on the downstream Aluminium industry, Hon. Jinapor emphasized the need to add value to Ghana’s mineral resources to ensure optimal benefit from these resources, adding that” Government has since 2017 been pursuing this path for all our mineral resources including gold, bauxite, iron ore, lithium and other green minerals”.
The Minister for Lands and Natural Resources indicated that Government’s quest to build an integrated aluminium industry in the country is on course, and progressing steadily.
He noted that this is in line with the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), which establishes the Ghana Integrated Aluminium Development Corporation (GIADEC) to promote and develop an integrated aluminium industry in the country.
The workshop, which was organized by GIADEC, in partnership with the Strategic Anchor Industries Unit of the Ministry of Trade and Industry and the Overseas Development Institute (ODI), brought together stakeholders in the aluminium industry to deliberate on policy options and implementation plan for the downstream aluminium industry.
Ghana’s Integrated aluminium industry
Delivering the keynote address at the workshop, Mr. Jinapor emphasized the need to add value to Ghana’s mineral resources to ensure optimal benefit from these resources. He highlighted government has since 2017 been pursuing this path for all mineral resources including gold, bauxite, iron ore, lithium and other green minerals.
Speaking specifically on bauxite, Mr. Jinapor said while the raw ore sells for around sixty US dollars (US$60.00) per metric tonne, primary aluminium, produced from bauxite, sells for over two thousand US dollars (US$2,000.00) per metric tonne.
He said Ghana has an estimated bauxite resource base of over nine hundred million metric tonnes (900,000,000Mt), capable of creating some two million sustainable jobs, and generating over one trillion US dollars in revenue if fully integrated.
He expressed government’s optimism on the contribution of a fully integrated aluminium industry to socio-economic development.
It will be recalled that Government’s ‘Ghana Beyond Aid’ birthed the Ghana Integrated Aluminium Development Corporation (GIADEC) which was established through an Act of Parliament – The Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976) assented to in August 2018 with a clear mandate to promote and develop an IAI in Ghana.
Empowered by its objects under Act 976, GIADEC holds and manages all of Government of Ghana’s current and future interest and investments in the IAI which includes the entire value chain in the production of aluminium.
Through a series of engagements with Government of Ghana stakeholder organisations, GIADEC has developed an Outline Masterplan for Ghana’s IAI. The Masterplan underpins the execution of Ghana’s IAI.
READ ALSO: Importers and Exporters Association Attributes Drop In Traffic At The Port To Inflation
