Ghana can earn $460 billion from bauxite reserves, says Vice President

According to the vice president of Ghana Dr. Mahamudu Bawumia, Ghana has about a 160 million tonnes reserve of bauxite. The country would fetch revenue about $460 billion at current market prices from its bauxite reserves.

The country has proven reserves of about 2.8 billion metric tonnes of iron ore; 160 million metric tonnes of bauxite; 430 million metric tonnes of manganese and 430 million metric tonnes of limestone, excluding gold and oil, according to a GNA report.  

He said, “Our case is that if we need just $20 billion to do a major massive marshal plan and we have $460 billion sitting in the ground… what we really need is to develop a financing module that utilizes a small fraction of those reserves to finance infrastructure.”

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Recently, the country said that the government decided to develop an integrated aluminium industry through six stages. The first stage would be the development of the bauxite mines in Awaso, Nyinahin and Kyebi. The second will be the establishment of an alumina refinery at one of the bauxite sites.