Business Hilights
Tracking Nigeria's Headline Business News Online

‘Ghanaian iron, steel sector growing faster than Nigeria’s solid minerals industry’

Strong indications have emerged showing that the volume of growth so far recorded in Ghanaian iron and steel sector has surpassed activities in the Nigerian solid minerals sector.
Whereas the government is currently motionless in reviving the Ajaokuta Steel Complex, Delta Steel complex and Itakpe Steel which had been moribund since inauguration, the government of Nana Addo Dankwa Akufo-Addo in Ghana has gone far in developing strategic industries out of Ghana’s abundant natural resources of bauxite and iron ore
Ghanaian President, who revealed the growth statistics of the sector at the Financial Times Africa Summit, in London, earlier this week, said “Ghana today had the best opportunity, since independence, to undertake a deliberate and meaningful transformation of her economic structure, and set it on the road to modern development”.
He pointed out that as a relatively new entrant in the league of oil-producing countries; Ghana had the perfect occasion to transform the structure of her economy through industrial and value-added commercial activities.
According to him, “We are determined to use our oil revenues to create assets, not waste it on consumption and accumulate debt.”
While informing the forum of his government’s desire to developing strategic industries out of Ghana’s abundant natural resources of bauxite and iron ore, he averred that “We have established, by statute two months ago, a public commercial corporation, the Ghana Integrated Bauxite/Aluminium Development Corporation, to assemble the relevant financial resources for the full exploitation and development of the entire value chain, in Ghana, of our large bauxite deposits.”
Already, the country has drawn on its substantial iron ore and manganese deposits, situated in the Western and Northern regions of the country, to build an integrated steel industry to serve the needs of our country and region.
Akufo Addo used the occasion to disclose that “We are seeking suitable partners for both ventures in the iron and steel sub sector,” and assured international investors that his government has put the right climate for business growth and development in Ghana.