President Akufo Addo has assured the people of Nyinahin in the Atwima Mponua Constituency in the Ashanti Region, that the country’s Bauxite deposits in their part of the nation will be exploited within the confines of best global environmental safety practices and the revenue from same will be evenly distributed to benefit all Ghanaians.
This assurance, the President gave when he addressed constituents of Nyinahin at a rally today the 2nd of December 2020, as part of the last day of his three-day tour of the Ashanti Region.
The Akufo-Addo led government has identified the development and creation of an “Integrated Aluminum Industry” as one of the major pillars for the transformation of the the country’s economy. This position of government has led to the establishment of the Ghana Integrated Aluminum Development Corporation (GIADEC) through an Act of Parliament in August 2018 to promote and develop a globally competitive integrated baxicite and aluminium industry in Ghana.
“Nyinahin stands to benefit a great deal from the work ahead of my second term administration because the bauxite resource here that was initially going to be exploited for the benefit of an individual, is now going to benefit the entire country, and the people of Nyinahin in particular” President Akufo-Addo said while in his address to the residents of Nyinahin.
Partnerships for Bauxite Exploitation
The President added that GIADEC and her partners are almost set to begin their work and the anticipated jobs and financial prosperity will be harnessed soon by the people of Ghana.
“The country’s bauxite resources cannot be given to one person. My government would never do that. I will ensure that it benefits every Ghanaian” President Akufo-Addo stressed.
GIADEC is the holding company for all Government investments and interests in the Integrated Aluminum Industry. This includes two existing companies – VALCO & Ghana Bauxite Company, and the mining rights to Ghana’s bauxite reserves. GIADEC is seeking to partner strategic investors including local participation across the entire bauxite and aluminum value chain – mining, refinery, smelter, power and downstream industries. GIADEC will hold a minimum 30% stake in any new mine, refinery or smelter. GIADEC is committed to globally accepted best practice to undertake the sustainable mining of bauxite to ensure minimal impact to the environment and local communities