Ghanaian president Nana Addo Dankwa Akufo-Addo reiterated his government’s commitment to making the most of his country’s native bauxite ore resources.
In a speech before the Ghana National Chamber of Commerce in Accra on Saturday Akufo-Addo revealed his plans for bringing Ghana’s substantial bauxite ore reserves to market.
“To this end, an Integrated Bauxite and Aluminum Development Authority is to be established by law, in this meeting of Parliament, to spearhead the exploitation along the full value chain of our consumable bauxite resources.”
He continued by stating that fully utilizing Ghana’s bauxite ore reserves “will give a considerable fillip to our industrial development, as will also be the case for the exploitation of our iron ore deposits.”
Confirming his government’s push to aid in the modernization of Ghana’s industries via the private sector, Akufo-Addo said that the key was to move beyond upstream production.
“It is absolutely vital that we transform the structure of our economy from being dependent on the production and export of raw materials to an industrialised, value-added one.”
Successfully leveraging its bauxite ore reserves could have a significant financial benefit to the struggling country. According to numbers cited last month by Ghana’s Vice President Dr. Mahamudu Bawumia, the country could earn US$450 billion dollars from the successful processing and sale of the country’s 900-million-metric-ton reserve of the ore.
Developing Ghana’s substantial bauxite deposits and establishing a domestic bauxite industry was a cornerstone of President Nana Akufo-Addo’s campaign last year. He was elected the fifth president of Ghana in December, defeating incumbent John Mahama. His campaign largely focused upon alleviating the country’s youth unemployment rate, which ranks among the highest in the world.