Finance minister, Ken Ofori-Atta, recently disclosed to local media that the Ghanaian government intends to embark on an aggressing plan to capitalise on the country’s mineral wealth – particularly in the aluminium market – with the view to transforming the economy and fast tracking industrialisation in the country.
The strategy focuses on creating an integrated aluminium industry; to extract not only minerals but also to enable local processing, to maximise job creation and improve standards of living for the people of Ghana
According to the minister, the government will be implementing a six-point plan that includes:
Establishing bauxite mines in Awaso, Nyinahin, and Kyebi
Building an alumina refinery, most likely in Kyebi
The establishment of an inexpensive and reliable power supply, to enable operations at large-scale industrial sites
The development of a railway network between the mines and processing facilities
The conversion of the Valco refinery in Tema into a smelter
The establishment of an industrial park for producing value-added aluminium products.
“Since 1962, Ghana has been contemplating the establishment of an integrated aluminium industry, using its natural resources in bauxite, hydro, gas and its existing smelter,” the minister explains. “The closest that the country has come to realising this goal was in 2008, under President John Agyekum Kufuor. Thankfully, President Nana Addo Dankwah Akufo-Addo has made the establishment of an integrated aluminium industry a top economic priority,” he added.
Ofori-Atta confirmed that funds have been allocated in the country’s 2017 fiscal budget and that a feasibility study has already been conducted on the area. In addition, Ofori-Atta indicated that the Ghanaian government will soon pass a bill that will provide the necessary guidelines for the development of the project.
“In 2017, the ministry will facilitate the approval and implementation of the policy. This is expected to increase local content participation, among others. Additionally, the Ghana Geological Survey Authority Act, 2016 (Act 928) was passed by parliament to enhance new mineral discoveries throughout the country and diversify the country’s mineral resource base from the traditional minerals,” Ofori-Atta concluded.
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