President Nana Addo Dankwa Akufo-Addo has announced that Ghana will soon ban the wholesale exportation of Ghana’s bauxite and iron ore.
According to the president, the move aims to protect the country’s limited natural resources and learn from the mistake of gold exportation.
Speaking at a natural resource stakeholders dialogue in Accra, President Akufo-Addo said, “We cannot forget lithium and the other green minerals which have been described as the minerals of the future due to the importance of the green energy transition. Fortunately, we have discovered lithium in commercial quantities in occurrence with cobalt, nickel, copper, lead, and zinc in the country.”
He added: “We should not do with these minerals what we have done with our gold resources over the years. The Minister of Lands and Natural Resources, under the leadership of Abu Jinapor, is finalizing a policy document for the exploitation and utilization and management of these crucial minerals for the consideration of Cabinet in the next few years.”
“By section 28 of GIDEC law, in section 30 of the GIFTECH law, the Minister of Lands and Natural Resources is empowered to make regulations to ensure that no bauxite or iron ore in their raw state is exported out of the country after five years of coming into force of these laws,” he added.
Ghana accounts for 0.29% of global bauxite production, with the other largest producers being Australia (28%), the Republic of Guinea (24%), China (18%), and Brazil (8%).
Bauxite exports from Ghana increased by 31% to 61kt in 2022 over 2021. Ghana’s bauxite exports are expected to grow at a CAGR of 1% between 2022 and 2026 to 64kt by 2026.