The priority of the government of President Nana Addo Dankwa Akufo-Addo, going forward, through the supervision and participation of the Ministry of Lands and Natural Resources is to translate the volumes of minerals production in Ghana into wealth, that will benefit all stakeholders equitably, through value addition and the linkage of development with the rest of the economy.
The Deputy Minister for Lands and Natural Resources responsible for Mines, George Mireku Duker (MP), made this remark on behalf of the Sector Minister at the Ghana Integrated Iron and Steel Development Corporation’s (GIISDEC) two-day ‘Steel Master Plan Agenda for Stakeholder Workshop’ opened in Accra on Tuesday, 23rd August 2022.
The Deputy Mines Minister, in his remark, added that the exploitation of these minerals have contributed significantly to Ghana’s developmental trajectory, saying “gold alone has provided approximately forty percent (40%) of our export earnings while accounting for more than ninety percent (90%) of our gross mineral revenues.”
Mr Duker said that “as significant as these benefits have been, they have, however, been largely deprived from the upstream side of the Mining activities, with little or no attention to the downstream which holds even more potential for Ghana’s sustainable development”.
He said the immediate challenge, therefore, has been how to harness the full potential of Mining to maximize benefits along its entire value chain sustainably, which he said, is the priority of the President, Nana Addo Dankwa Akufo-Addo, in making Ghana, a Mining Hub in Africa, where all mining and related activities, as well as various linkages, will be centered.
He asserted that this will be achieved by implementing a policy and legislative framework towards a robust mining industry, which substantially retains the full value chain of the industry from exploration, to mining, refinery, smelting and downstream production to support financial services.
He explained that adopting strategies to promote and optimize value development along the entire value chain of Ghana’s iron ore resources in order to diversify the economy birthed the Ghana Integrated Iron and Steel Development Corporation (GIISDEC).
He rallied support for the Iron and Steel Corporation’s Masterplan, which he said will contain clearly defined, stable and predictable trajectory for the industry to enable credible investors to make informed decisions.
“I am told the draft you are about to review here today have been carefully prepared taking on board best practices vis-a-vis our own peculiar circumstances” he said.
In his concluding remarks, Mr Duker admonished the leadership of GIISDEC to work assiduously and come up with a workable Masterplan to pave way for an aggressive investor roadshow in the shortest possible time, adding that, the Ministry will continue to discharge oversight responsibilities towards the realization of government’s vision for the establishment of an Integrated Iron and Steel Industry in Ghana.
In his welcome address, the Chief Executive Officer of GIISDEC, Mr. Kwabena Bonsu Fordwor said the aim of the workshop is to elicit views from the various stakeholders who have a part to play in the industry and discuss the final draft of the Masterplan for the Integrated Iron and Steel Industry (IISI).
He hoped that at the end of the workshop, all suggestions, and recommendations will be incorporated in the final version of the masterplan to enrich the document which will serve as the roadmap for the IISI.
The Board Chairman of GIISDEC, Hon. Farouk Aliu Mahama (MP) said Global trends indicates growing demand for iron and its related artifacts. “Our mission for a clear path to develop avibrant industry is long over due and our vision to be the iron and steel hub in Africa defines our intents and underscores our bold aspirations” .