President Nana Akufo-Addo has underscored the importance of the mining industry in pushing economic transformation in Africa.
Speaking at the 2019 edition of the Investing in African Mining Indaba (Conference), President Akufo-Addo described poverty in Africa, amid mineral riches, as unjust.
He said the re-opening of the AngloGold Ashanti mine in Obuasi was done under an agreement that balances the interest of the Government of Ghana and AngloGold Ashanti more fairly.
“As I said at the ceremony, it is my hope and expectation that, this time around, under the new management of AngloGold Ashanti, the development of Obuasi will reflect the wealth its soil produces.”
“Communities should be able to examine mining contracts, find out how much revenue has been generated, and how, and on what it is being spent… long and bitter experience means both sides, African governments and mining companies, have to work hard to gain the trust of the people.”
Value-addition activities in Ghana
In addition to the exploitation of the traditional minerals of gold, diamond and manganese in Ghana, President Akufo-Addo told the gathering that Ghana has taken the decision to exploit her considerable bauxite and iron ore deposits.
“We have established the Ghana Integrated Aluminium Development Corporation, a public corporation, to take charge of the development, with appropriate investors, of the full value chain of our bauxite resources in order to establish an integrated aluminium industry in Ghana,” he said.
The President continued, “We are also determined to build an integrated iron and steel industry, out of our extensive iron ore and manganese deposits, to serve the needs of our country and region, and, to that end, Parliament, in its current session, will consider and, hopefully, approve the establishment of another public corporation, the Ghana Integrated Iron and Steel Development Corporation, which will, with appropriate investors, take charge of this undertaking.”
Likewise, he stated that work is underway to exploit the considerable deposits of lithium in the country, stressing that “we hope to establish, in all these new ventures, an equitable balance between our needs and the needs of the investor community.”
The time, President Akufo-Addo added, has come “for the minerals sector to produce win-win situations for all stakeholders.”
He also urged participants at the Mining Indaba to pay attention to place more value on the human resources in Africa.
“Africa has made the world rich with our minerals, our gemstones adorn crowns and homes around the world, it is time to make Africa prosperous, and enable her people to attain a dignified standard of living. Join us in this exciting project for sustainable economic growth,” President Akufo-Addo said.