Ghana's President, Nana Addo Dankwa Akufo-Addo, has established the Ghana Integrated Aluminium Development Corporation (GIADEC) will add value to the country's raw bauxite resources.
Ghana's overdependence on exporting raw products has prevented the country from benefiting optimally from its resources. The government aims to stop exporting raw natural resources in the short to medium term. A stakeholder dialogue was organised to discuss policies to address illegal mining and logging. The President emphasised the need for fair negotiations with mining companies that do not exploit lands and people.
President Akufo-Addo believes that the actual value of natural resources lies in their value addition. He cited the example of the global aluminium industry, estimated to be worth over $180 billion annually. However, only 7.6% of this market comes from raw bauxite, while the remaining 92.3% is generated from processed bauxite. This is also true for other resources like gold, iron ore, manganese, cobalt, and lithium.
Unfortunately, African countries involved in lithium production are only making 10% of the entire value chain of the electric battery industry. Therefore, the government has prioritised local content, local participation, and value addition in the natural resources sector to ensure optimal benefits from these resources.
The President exclaimed: "Through the Ghana Integrated Aluminium Development Corporation (GIADEC), established in 2018, we are working to ensure value-addition in our bauxite resources through refining, smelting, aluminium production, as well as production of other downstream aluminium products."
"The implementation of the 4-project agenda [of GIADEC] is expected to optimise production in the upstream industry and spur production and job creation in the downstream sector," Akufo-Addo emphasised.
GIADEC has potential with over 900 million metric tonnes of bauxite. Akufo-Addo believes it can aid industrialisation with value-added policies. He promised measures would be enforced to keep minerals in the country.
GIADEC aims to enhance Ghana's aluminium production value chain by mining, refining, and smelting. They have launched four projects towards establishing a downstream aluminium industry in the country, which President Akufo-Addo unveiled in September 2021.
Responses
