During his State of the Nation address in Parliament on February 27, the President of Ghana, Nana Addo Dankwa Akufo-Addo, announced several initiatives to accelerate the nation's industrialisation agenda and ensure value for money.
Among these measures, the government will establish a $450 million refinery dedicated to processing locally produced manganese.
Additionally, a new Legislative Instrument will be enacted to prohibit the export of raw bauxite. Moreover, priority will be given to Ghanaian investors interested in acquiring Newmont Corporation's Akyem Mine, located in the Eastern Region. Indonesia has also banned bauxite export from the country in 2023.
The President said, "We are implementing the Four Project Agenda of the Ghana Integrated Aluminium Development Corporation (GIADEC), with projects one and two having already taken off and last month, we signed an agreement for the implementation of the Project."
"We will lay before this august House, at this First Meeting of this Session of Parliament, a Legislative Instrument to prohibit bauxite export in its raw state. We are also in the concluding phase of discussions to establish a four hundred and fifty million US dollar (US$450 million) refinery to refine the manganese we produce."
The President announced the establishment of a 400-kilogram capacity gold refinery constructed under a public-private partnership. It is currently in the advanced stages of negotiations to obtain a London Bullion Market Association (LBMA) Certificate, aiming to enhance the value of the country's gold production.
Akufo-Addo added, "For our green minerals, including lithium, we have put in place a policy for their exploitation and management to ensure beneficiation across the value chain of these critical minerals."
Concerning the Akyem Mine, which produced 420,000 ounces (11906.79 kg approx.) of gold in 2022, President Akufo-Addo said, "As part of the Government's policy to indigenise the mining sector, we will engage with Newmont to give priority to Ghanaian investors who will want to acquire this mine to ensure that our mineral resources better benefit the Ghanaian people."
Last year, Ghana reclaimed its status as Africa's top gold producer, producing four million ounces (113398.0925 kg approx.) and surpassing South Africa.
“This is due to the progressive policies we have been implementing, which have led to the revival of dormant mines like the Obuasi and Bibiani Mines and the expansion of existing ones,” Akufo-Addo said.
“The reduction in withholding tax on unprocessed gold by small scale miners, from three per cent (3 per cent) to one and a half per cent (1.5 per cent), has resulted in some nine hundred per cent (900 per cent) increment in gold export from the small-scale sector, over the last two (2) years,” the President stated.
The Ghanaian President emphasised his administration's dedication to safeguarding the nation's forests and wildlife resources, alongside efforts to restore degraded forest areas. He announced that 42 million trees had been planted through the Green Ghana Project within the past three years. Additionally, between 2017 and 2022, 690,000 hectares of degraded forest had been regenerated as part of the Ghana Forest Plantation Strategy.
Ghana's bauxite reserves are approximately 920 million tonnes, predominantly in three key regions. These regions include Awaso in the Western-North region, boasting 60 million tonnes; Kyebi in the Eastern region, containing 160 million tonnes; and Nyinahin, which holds the bulk of the reserves with 700 million tonnes.
Responses
