• The country has an estimated 6.4 billion tonnes of iron ore reserves
• This when translated in commercial value stands at US$1.3 trillion
Ghana importation bill of iron, steel and its articles stood at GH¢2.9 billion in 2020, Board Chair of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Farouk Aliu Mahama has revealed.
According to him, Ghana has an estimated 6.4 billion tonnes of iron ore reserves which is at a current price of US$206 dollars per ton and is commercially valued at US$1.3 trillion.
Making the revelation at the inauguration of new GIISDEC board members, Farouk Mahama underscored the need to boost efforts towards mining, processing and production of steel to spur Ghana’s industrialization drive.
“In 2020 alone, Ghana’s importation bill of iron & steel and its articles stood at GH¢2.9 billion and industrialization in most developed countries have thrived on the back of the iron and steel industry,” the Board Chair revealed.
“These resources when developed will be a major foreign currency earner for the country, enrich our steel industry, engender prosperity, leapfrog our economy and stimulate growth,” Mahama pointed.
While paying a glowing tribute to his late predecessor, Alhaji Prince Imoro Andani, Farouk Mahama urged the new members of the GIISDEC Board to continue the good works initiated by his Alhaji Andani.
“With support from the Lands and Natural Resources Ministry, stakeholders and allied agencies, we will build on what has been achieved so far, inject more vigour and push further the frontiers of the industry. We will hit the ground running by embarking on Mineral Resource Estimation of Ghana’s iron ore deposit across the country,” Farouk Mahama said.
He also assured that by the end of 2024, the board members of GIISDEC will ensure they put Ghana on the map through a developed iron and steel industry.
“A strategic Master-Plan, Business Plan and calculated roadshows will enable us provide a platform to attract vital investments that will drive economic improvement, job creation, and sustainable value creation in the iron and steel industry for all stakeholders along the chain,” he hinted.
Meanwhile, members of the GIISDEC Board, include George Mireku Duker, deputy minister for Lands and Natural Resources, Kwabena Bonsu Fordwor, CEO of GIISDEC, Michael Okyere Baafi, MP for New Juaben South, Martin Kwaku Ayisi, Kay F Amoah Esq, Ernest Kusi, Hanifa Yahaya Esq and a representative from the Ministry of Finance.
Farouk Aliu Mahama is new Board Chair of GIISDEC