He said this when he delivered the 2020 State of the Nation Address in Parliament on Thursday (February 20, 2020). He said this forms part of the government’s plans to boost the country’s industrialization agenda.
“We have decided at long last to explore our bauxite, manganese and iron ore deposits which allow us to establish an integrated bauxite and aluminum industry and iron and steel industry. The Ghana Integrated Bauxite and Aluminum Development Corporation and the Ghana Integrated Iron and Steel Corporation were established by law as the vehicles for this exploitation.”
“The process is underway for the selection this year, of joint venture partners for the development of the full value chain of these two multi-billion-dollar industries which will give a tremendous boost to Ghanaian industrialization,” he added.
The partners are expected to help increase bauxite production. The partners will also help in building the refining and smelting for the manufacturing of alumina and aluminum.
In 2017, Ghana signed an agreement with China for the development of a $10 billion bauxite venture that will include the construction of alumina refineries and railway infrastructure.
In the memorandum of understanding, it was agreed that China will provide funding for the project to exploit Ghana’s 960 million metric tons of bauxite deposits.
The government signed the MOU despite environmental groups warning of the effects of mining bauxite in the country’s forest reserves.
The President has justified his action saying the exploitation of the mineral will not harm the environment, and that it will be responsible in the process.