According to the Lands Minister, Ghana is on track to create an integrated aluminum industry
Samuel A. Jinapor, the minister of lands and natural resources, claims that the government's efforts to establish a national integrated aluminum industry are on track and moving along steadily.
He claimed it was in accordance with the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), which created the Ghana Integrated Aluminium Development Corporation (GIADEC) to advance and grow the nation's integrated aluminum industry.
At a two-day workshop on the downstream aluminum business in Akosombo, in the Eastern Region, the minister made this statement.
The Strategic Anchor Industries Unit of the Ministry of Trade and Industry, the Overseas Development Institute (ODI), and GIADEC collaborated to organize the workshop, which brought together stakeholders in the aluminum industry to discuss policy options and a plan for implementation for the downstream aluminum industry.
This comes after GIADEC and ODI conducted in-depth research, data collection, and technical analysis of best practices around the globe.
In his keynote speech, Mr. Jinapor emphasized the necessity of adding value to mineral resources in order to get the most possible return from them.
He said that starting in 2017, the government has pursued a strategy to profit from all natural resources, including gold, bauxite, iron ore, lithium, and other green minerals.
Speaking specifically on bauxite, Mr. Jinapor remarked that while the main aluminum generated from bauxite sold for over $2,000 per metric tonne, the raw ore sold for roughly $60.00 per metric tonne.
According to him, Ghana has an estimated bauxite resource base of over 900,000,000 metric tons, which, if completely integrated, could produce over one trillion dollars in revenue and almost two million sustainable jobs.
He bemoaned that "we have, over the years, neglected to make the necessary investment in this area," which is unfortunate.
He emphasized the administration's confidence in the aluminum industry's ability to significantly contribute to socioeconomic growth.
The Ghana Integrated Aluminium Development Corporation (GIADEC) was established by an Act of Parliament in 2018 to promote and develop an integrated aluminum industry in our nation, the minister said. "It is for this reason that the President, Nana Addo Dankwa Akufo-Addo, took that bold decision to establish, by an Act of Parliament, the Ghana Integrated Aluminium Development Corporation (GIADEC)."
According to M. r. Jinapor, GIADEC had created a master plan for the upstream industry since its inception and was carrying out its four project agenda, which included expanding the current mine, creating three new mines, building refineries, and modernizing the Volta Aluminium Company (VALCO), all of which were in various stages of development.
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He emphasized the need for the downstream industry to be ready to accept products from the upstream sector and urged workshop participants to use their expertise to develop policy options and plans that would support the development of a strong, functional, and vibrant downstream aluminum industry that made a significant contribution to the national economy.