Ghana plans to implement a new legislative framework to limit the export of raw bauxite, as stated by Samuel Abu Jinapor, the Minister of Lands and Natural Resources.
During the opening ceremony of the 2024 West African Mining and Power Conference and Exhibition (WAMPOC/WAMPEX) in Accra, Mr. Jinapor detailed the government’s strategy to leverage the country’s extensive bauxite reserves to build an integrated aluminium industry.
“We are in the process of enacting a Legislative Instrument, pursuant to section 28 of the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to restrict the export of bauxite in its raw state,” he announced.
He added: “This will enable us to leverage our over nine hundred million metric tonnes (mmt) of bauxite resources to build an integrated aluminium industry in-country.”
He noted that the government continues to enact policies and programs aimed at fostering an environment conducive to sustainable investment in responsible mining and power generation.
“We are investing in infrastructure to decentralise operations of the Minerals Commission, regulator of the sector, to make it more efficient in regulating and monitoring mining operations,” he added.
Furthermore, he mentioned that the government is committed to extending the Minerals Commission’s regulatory oversight to the actual mining sites, thereby enhancing service delivery efficiency and effective monitoring of mining activities.
To achieve this, he stated that efforts are underway to review and update regulatory frameworks to enhance transparency, accountability, and good governance within the sector, actively collaborating with industry stakeholders, including the Ghana Chamber of Mines.
The Chamber of Mines, he added, “is our natural partner in the exploitation and management of our mineral resources, to encourage investments in sustainable technologies, practices, and initiatives that enhance operational efficiency and mitigate environmental impacts.”
Moreover, he asserted that the government is encouraging investment in exploration to discover new mineral reserves and ensure the long-term sustainability of our mining industry.
“We are, for example, working with the Ghana Revenue Authority (GRA) and Ghana Chamber of Mines, under the guidance of the government’s Economic Management Team, to explore the best framework for treating critical imposts such as Value-Added Tax (VAT) on exploration,” he stated.
If properly structured, the minister said, it will reduce the financial burden on exploration companies, making it more attractive to invest in exploration while safeguarding the nation’s interest.
“These initiatives underscore our commitment to creating a conducive environment for exploration, investment, and promoting the discovery of new mineral deposits. By incentivising exploration, we aim to unlock the full potential of Ghana’s mineral wealth, create employment opportunities, and stimulate economic growth in the mining sector and beyond.
“To ensure that Ghanaians benefit fully from these resources, we are putting in place measures to promote beneficiation and value addition as well as local content and local participation in the sector,” he stated.
The 17th edition of the West African Mining and Power Conference and Exhibition, organized in collaboration with the Ghana Chamber of Mines, is being held with the theme ‘The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa.’
WAMPOC/WAMPEX is an international networking conference and exhibition for the mining and power sectors in West Africa, bringing together leaders of mining and power companies, West African ministers of mining and power, international and local investors, NGOs, researchers, and traditional leaders.
This three-day event aims to provide a platform for mining stakeholders to identify, showcase, and benefit from sustainable models to enhance business efficiency for consistent growth despite existing challenges in the industry.