Ghana Aims to Become Net Exporter of Iron and Steel Products in West Africa – Akufo-Addo

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Participants at the Ghana Gold Expo Mining Week 2022
Participants at the Ghana Gold Expo Mining Week 2022

President Nana Addo Dankwa Akufo-Addo has stated that the mining industry under his tenure has seen the establishment of B5 Plus, the largest iron steel manufacturing center in West Africa under the 1D1F initiative with the vision to make Ghana a net exporter of iron and steel products.

He said over the past years, cooperation and integration of technical and economic activities in the mining sector under the Ministry of Lands and Natural Resources, Ministry of Finance and other key stakeholders have ensured economic growth, ecological protection of natural resources and environment, and social development including safety at workplaces and community development.

President Akufo-Addo who made the remark in a keynote address at the 3rd Edition of the Ghana Gold Expo Mining Week held in Takoradi in the Western Region said this was an indication of how his government has played a major role in the sustainable mineral resources development in Ghana.

“We have collaboratively repositioned the industry and created a sustainable environment that ensures growth for existing companies and paves way for new entries”, he pointed out.

He hinted that the Ghana Integrated Iron and Steel Development Act 2019 (ACT 988), establishes the contractual relationship between the state, GIISDEC, and prospective investors in the development and promotion of the economy and the efficiency of the integrated iron and steel industry along the entire iron and steel value chain from the mining of iron ore and its related minerals to the production of iron and steel for industrialization and economic growth.

He mentioned that his government has also revived the Ghana Integrated Aluminum Development Corporation (GIADEC), a state corporation responsible for the development and promotion of the bauxite and Aluminum industry among others as the key technical set-up his government has put in place to drive sustainable development in the sector apart from gold mining.

He opined that the theme for the event, “Potential of Mining for Sustainable Development” was an important subject to every citizen, as it has a direct relationship with the country’s Foreign Direct Investment (FDI).

The President, therefore, underscored the need for much more lasting mining practices that promote sustainable economic development most especially, within the communities in which the extractives were located.

“As a government, we expect the industry to keep being a reliable partner for sustainable development for the economy and the people”, he stressed.

He observed that all the private stakeholders in the industry were also looking for stability and security in the economy and therefore deemed the establishment of the Ghana Gold Expo Mining Week Initiative as a necessity to create synergies that add up to a stronger economy based on sustainable growth over the long-term.

He pointed out that the synergies from the Ghana Gold Expo Mining Week event must lead to opportunities for people to get good education and jobs; improving infrastructure for citizens to have equal access to the benefits that flow from mining revenues.

According to him, unlocking the potential of mining for development in Ghana also means building a sector that thrives on transparency and community development and said his government was keen on ensuring the transparent utilization of mineral royalties.

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