Ghana has potential to earn $450 billion from processing its bauxite deposits

Vice President of Ghana Dr Mahamudu Bawumia says that Ghana has the potential to earn US$450 billion, if the country manages to processes about 900 million tonnes of its bauxite reserves. This was a part of his keynote address at “Ghana beyond Aid” Conference in Accra organised by the Embassies of Denmark, the Netherlands and Norway, in association with the Ministry of Trade and Industry and Ghana Investment Promotion Centre. The event is organized in order to leverage on the private sector and entrepreneurship as the drivers for economic growth. 

The government, according to him has plans to set up a Bauxite Development Authority in order to develop an alumina refinery to process bauxite.

It also aims at assessing the commitment of government and other development partners work on private public partnership and carry the country beyond external aids to make it one of the most business-friendly states in Africa.

Vice President Bawumia aims at adding value to its natural mineral resources and agricultural produce in order to reap maximum benefits.  His objective is to mobilise domestic and regional resources to close the infrastructure gap and other national needs as overseas development aids to Ghana and Africa at large is slowing down at present.

He urged Ghana and other African countries, to pursue trade partnerships as to accelerate economic growth. The Vice President said the Nana Addo Dankwa Akufo-Addo led government was determined to improve transparency in public procurement processes and all the ministries, department and agencies to avoid wastage of public fund.

“It means investing in people and building the capacity of the next generation including access to quality education, training and jobs and building their overall capacity for innovation and knowledge, encouraging entrepreneurship, businesses, investing in infrastructure as basis for future productivity and public-private partnerships as well as building connectivity for data to share information,” he said.

Vice President Bawumia said government, this year, had rolled out policy interventions to enhance financial inclusion of the national economy, improve macroeconomic stability and fiscal discipline and debt sustainability.