Gov’t To Establish Bauxite, Aluminium Industry
President Akufo-Addo has announced that government would soon establish an integrated bauxite and aluminium industry in the country.
He said the country since independence, has sought to establish an integrated bauxite and aluminium industry, and he is determined to make it happen within the next three years.
Speaking at the 61st Independence Day Celebration at the Independence Square in Accra yesterday, he hinted that work on establishing a law on Integrated Bauxite and Aluminium Development Authority is far advanced, and would be submitted to Parliament very shortly.
According to him, a successful completion of the project would be key in moving Ghana Beyond Aid.
“Government also hopes to reach an agreement soon with potential partners to establish an alumina refinery, and expand the VALCO smelter. A successful execution of this project will be key in moving Ghana Beyond Aid, as will be the successful exploitation of our iron ore and manganese deposits to build a steel industry for our country and the region,” he disclosed.
Touching on exportation of goods, President Akufo-Addo called for the need to add value to exported materials such as cocoa, gold, bauxite, and oil.
According to him, the country would gain more if we stop exporting materials in their raw state.
Siting example, he said cocoa farmers get less than 10% of the value of a bar of chocolate, and yet cocoa is the main ingredient.
“On the world market, bauxite in its raw form is worth about $42 per metric tonne. Processing it just one stage further into alumina oxide will fetch twice that amount. Refining the alumina oxide into alumina will increase the value by seven times, and smeltered aluminium fetches one hundred fold what it gets in the raw state,” he stressed.
He mentioned that government would be rolling out such policies as an integral part of its determination to move Ghana Beyond Aid.
The 61st Independence Day Celebration was held under the theme “Ghana Beyond Aid.”
By: Emmanuel Yeboah Britwum/ [email protected]
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