Ghana’s economy to witness $10b boost with revamping of Integrated Aluminum Industry – Minister
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Ghana is expected to witness a $10 billion boost in her economy with government’s plan of exploiting bauxite and aluminum reserves into the Integrated Aluminum Industry.
To achieve that objective, the Management of the Ghana Integrated Aluminum Development Corporation (GIADEC), in partnership with the Volta Aluminum Company Limited (VALCO) has deployed a Recovery Plan of retrofitting the VALCO refinery plant to produce at its full capacity of 300,000 tonnes of aluminum per annum.
It is also expected to establish three new bauxite mines, and at least two refineries in addition to the existing smelter.
The successful implementation of the Recovery Plan is expected to generate 35,000 direct and indirect jobs as well as create a vibrant downstream sector.
Mr Kweku Asomah-Cheremeh, the Minister of Lands and Natural Resources, who announced this at the swearing-in of the reconstituted Governing Board of VALCO in Accra, said the aluminum industry was a strategic sector contributing significantly to the manufacturing sector of many key economies globally.
In view of that, the Minister said, VALCO aimed at leveraging on the country’s existing bauxite reserves and allied aluminum assets to drive the full commercial exploitation through refining bauxite into Alumina and smelting it into Aluminum as well as encouraging the development of further downstream industries towards accelerating industrial transformation.
Mr Asomah-Cheremeh explained that establishing an Integrated Aluminum industry was an opportune and continuous effort by the government to strengthening the capacity of the Aluminum Industry supply chain.
This, he said, could be achieved through partnerships with strategic investors both locally and internationally.
Pursuant to accelerating the country’s industrial development, Mr Asomah-Cheremeh noted that GIADEC was established through an Act of Parliament in 2018, to leverage on the existing bauxite reserves to drive commercial exploitation and production of aluminum to enhance national economic growth.
Dr Henry Benyah, the Board Chairman of VALCO, in his acceptance remarks, was thankful to the President for the honour and pledged to work closely with all the stakeholders to achieve the vision and mission of VALCO towards accelerating industrial transformation.
He announced plans to clear VALCO’s legacy debts and make it commercially viable for growth.
Mr Michael Ansah, the Chief Executive Officer (CEO) of GIADEC and member of the VALCO Board, told the media that with the reconstitution of the Board, GIADEC would work closely with all the relevant stakeholders in securing a strategic investor, to source requisite funding for rejuvenating VALCO’s operations.
He said VALCO would be listed on the London Stock Exchange to attract the necessary investors, and subsequent financial inflows to revamp its operations.