Ghana aims at developing aluminium and bauxite industry: said Bawumia

Speaking at the African Sovereignty Wealth Funds Summit on Friday, June 1, 2018, Ghana Vice-President Dr. Mahamudu Bawumia emphasised that African leaders and businesses should increasingly make the best use of natural resources deposited in the land to create wealth. He said, “Africa has hundreds of billions of dollars locked up in the land, which we have not been able to release because we don’t have a working mortgage market and that is a major asset for Africa that needs to be unleashed.”

According to his belief, Africa is blessed with enormous natural resources which can be leveraged to build financial wellbeing in the continent. The old way of giving out mining concessions and taking royalties, in his opinion, would not be the best way to generate wealth from the minerals deposited in the land.

He even disclosed at the Summit yesterday that Ghana is already looking forward to taking advantage of its bauxite deposits to create wealth for the citizens. The nation is engaged in discussions on how to leverage bauxite resources of over 900 million tonnes. It aims to set up an integrated aluminium and bauxite industry in Ghana, welcoming joint ventures and partnerships with different companies. As he said, “We will bring our bauxite to the table, you bring your capital to the table.”