Minister for Lands and Natural Resources, Samuel Abu Jinapor, has disclosed Ghana is placing great importance on the beneficiation and value addition of its mineral resources to achieve mutual benefits for the government and investors,
According to him, the government aims to maximize the potential gains from its resources, recognizing the true value of minerals lies in value addition.
He stated that the notable difference in prices between bauxite and aluminium ingot, produced from bauxite, is as high as three thousand per cent (3000%).
This trend, he said, is not limited to bauxite alone.
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According to him, the global lithium industry is valued at approximately eleven billion US dollars (US$11,000,000,000.00) during the mining stage.”
“However, at the highest end, which involves the production of batteries, the industry is estimated to be worth around seven trillion US dollars (US$7,000,000,000,000.00).
“To harness the benefits of these minerals, Ghana recognizes the need to invest in value addition.”
“Under the leadership of President Akufo-Addo since 2017, the government has been committed to implementing policies aimed at adding value to the country’s mineral resources.”
He stated that in line with this objective, the government has established a Gold Refinery through a Public-Private Partnership.
Efforts, he said, are underway to secure London Bullion Market Association (LBMA) Certification, which would facilitate the international trading of gold refined in the country.
Additionally, the Ghana Integrated Aluminium Development Corporation (GIADEC) and the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) have been set up to promote and develop integrated aluminium and iron and steel industries.
He noted that with an estimated bauxite resource base of nine hundred million metric tonnes (900,000,000 Mt), the development of an integrated aluminium industry is seen as crucial for substantial national economic growth and the creation of thousands of jobs.
The government, he said, is collaborating with stakeholders to ensure that Ghana no longer exports bauxite and iron ore in their raw states.
And by adding value to these resources, the government aims to unlock prosperity for its citizens and drive the country’s socioeconomic advancement.