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NewsGhana is on the verge of breakthrough in its economic fortunes -...

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Ghana is on the verge of breakthrough in its economic fortunes – Akufo-Addo

President Akufo-Addo has expressed confidence that Ghana is on the brink of a significant improvement in its economic prospects.

During his address at the Independence Day Parade, he highlighted various government initiatives aimed at driving the country’s transformation.

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President Akufo-Addo said: “I refer to the successful selection of strategic partners that will work with the Ghana Integrated Aluminium Development Corporation (GIADEC) to build a new alumina refinery and develop mines at Nyinahin-Mpasaaso as three of four projects being executed under the Integrated Aluminium Industry (IAI) projects.”

“I have witnessed the signing of two separate agreements in Accra recently, firstly, between GIADEC, a wholly-owned public entity, and Rocksure International, a wholly-owned private Ghanaian company, selected, after a rigorous process, as a strategic partner to develop a mine at Nyinahin-Mpassaso; and, secondly, between GIADEC and Mytilineos SA, a leading global industrial and energy company, which entails the development of a second mine at Nyinahin-Mpasaaso, and the establishment of a refinery,” he added.

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President Akufo-Addo has outlined plans to end the export of raw bauxite from Ghana. Instead, the country will refine its mined bauxite to produce alumina, which will supply the VALCO smelter and the wider aluminium industry. This move is expected to significantly boost Ghana’s industrialization efforts, enabling the production of parts for vehicles, aircraft, roofing sheets, and household utensils domestically.

This will also “deliver employment and high-paying jobs for our people and also ensure integration and value addition across the bauxite/aluminium value chain,” he said.

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President Akufo-Addo also highlighted the Ada Songhor Salt project, led by Electrochem Salt Mine Ltd, as a key initiative that will positively impact Ghana’s economy and its people.

“After many years of disputes, which prevented the exploitation of salt at the site, work has finally started and salt will be mined on a large commercial scale. With its initial ability to produce some 650,000 metric tonnes of salt per annum, and expanding its productive capacity to one million metric tonnes this year, and to two million metric tonnes by 2027, at 99.99% purity, the Electrochem Salt Mine will be the biggest salt producing facility in Africa.”

President Akufo-Addo is confident that these initiatives will bring about significant economic transformation and uplift the spirits of Ghanaians.

“It has taken a long time for us to get to this stage, but we have taken the trouble to make sure that we get it right. I am optimistic that, together with other initiatives of this Government, we are on the verge of a breakthrough in our economic fortunes,” he added.

Ghana has received the first and second tranches of a bailout from the IMF, which has been seeking to assist the country following an economic downturn.

The International Monetary Fund (IMF) has stressed the importance of Ghana staying committed to its bailout program to fully realize its benefits.

The IMF has emphasized the need for effective implementation of structural reforms, particularly following the disbursement of the $600 million second tranche to the government.

However, Ghana must engage with the IMF to reach a consensus on anticipated revenue shortfalls due to the planned suspension of the VAT on electricity, which has faced opposition from the Trades Union Congress (TUC).

Despite these challenges, the IMF’s Director of the African Department, Abebe Selassie, has emphasized the necessity for Ghana to strictly adhere to the agreed-upon austerity measures to navigate its way out of the economic crisis.

Mr. Selassie, speaking from Washington DC in a webinar on February 5, stated that these measures are crucial for Ghana’s economic prosperity.

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