Ghana’s effort to explore opportunities in Bauxite and iron ore deposits will see the West African country establish a regulatory body to streamline activities along the sector, its President Nana Akufo-Addo has said.
“An Integrated Bauxite and Aluminum Development Authority is to be established by law, to spearhead the exploitation along the full value chain of our consumable bauxite resources,” the President noted.
According to the President, the exploitation of the country’s bauxite and iron ore deposits “will give a considerable fillip to our industrial development, as will also be the case for the exploitation of our iron ore deposits.”
Mr. Akufo-Addo said this when he delivered a speech at the maiden edition of the Chamber Business Awards, of the Ghana National Chamber of Commerce, held at the Banquet Hall of the State House, in Accra.
Reiterating his government’s commitment to pursuing an aggressive industrial transformation Agenda with a strong emphasis on private sector participation, the President stated that: “it is absolutely vital that we transform the structure of our economy from being dependent on the production and export of raw materials to an industrialized, value-added one.”
According to him, several elements to the agenda of industrial transformation includes a stimulus package to revive financially distressed, but economically viable businesses, adding that over 80 companies have so far been selected for the inducement package.