Ghana's iron ore and steel industries are set to receive major boosts following the initiative by the government, and some potential investors to mine an abandoned ore reserve in the Oti Region.
The reserve, which holds about 500 million tonnes of iron ore, will boost steel production in the country and also provide several direct and indirect employment to locals and other Ghanaians.
According to the Ghana Integrated Iron and Steel Development Corporation, iron ore deposits discovered in parts of the Oti region including Akrokrowa and Akpafu, both farming communities, are “of the highest grade”.
Speaking to Citi Business News during a tour to the iron ore sites in Akpafu and Akrokrowa in the Oti Region by the Ghana Integrated Iron and Steel Development Cooperation and some potential investors, Director of Geology at GIISDEC, Mohammed Tajudeen Baba, noted that, although the area holds about 500 million tonnes of iron ore, modern tools and technology are required to mine it.
This he says, his “outfit and the government are working to come out with the correct estimate of iron ore in the area and begin mining”.
According to the Director of the Geology at GIIDSEC, they will “liaise with both the local people together with private investors in developing the production chain”.
In an interview, Deputy CEO-Operations at GIISDEC, Kwame Addo Asirifi, noted that the move by GIISDEC in involving local partners “is to promote local content participation in the nation's iron and steel industry”.
“It is for this reason that, Q3 an indigenous Ghanaian company and Shukram limited, an indigenous Ghanaian company have been selected to acquire iron ore blocks or concessions to engender the active participation of Ghanaians in the iron and steel industry in the country”.
“We want to promote the participation of Ghanaian companies in the iron and steel industry in Ghana.
He added that local content participation is a key requirement in Ghana's effort to develop an integrated iron and steel industry”, he added.
Director for Corporate Affairs and International relations, Abdulai Nasurulai, told Citi Business News that, GIISDEC will process and add value to the ore to support the iron and Stella industry.