Chief Executive Officer of the Mineral Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, has disclosed that Ghana is poised to generate approximately $1 billion in revenue annually from salt production.
Koranteng emphasized the significant potential of this natural resource, envisioning Ghana as the leading salt producer in Sub-Saharan Africa.
In an interview with Oxford Business Economics Africa, Koranteng highlighted the multifaceted benefits of salt mining, including the creation of sustainable employment opportunities and the generation of domestic revenue.
“Ghana is positioning itself as the number one salt producer in Sub-Saharan Africa. There’s the potential for Ghana to make about $1 billion every year from salt alone. The country is investing $30 million in salt production since salt cannot only rake in revenue for the country but can also feed the pharmaceutical and textile industries,” Koranteng affirmed.
He further elaborated on the diverse applications of salt, emphasizing its role in various industries such as pharmaceuticals, food preservation, textiles, and aluminum castings.
Koranteng underscored MIIF’s commitment to expanding the salt value chain through investments in Electrochem, an indigenous mining company managing a 41,000-acre salt-rich land in the Ada Songor area.
According to Koranteng, Ghana possesses the capacity to produce approximately 2.2 million tonnes of salt annually, catering to both domestic consumption and export markets.
The revelation comes amidst Ghana’s concerted efforts to capitalize on its abundant salt resources, leveraging them for economic growth and industrial development.
With strategic investments and a focus on value addition, Ghana aims to maximize the potential of its salt industry, contributing significantly to the country’s revenue generation and economic prosperity.