For Nifty 24-hour Economy/Stability of the Cedis, President Mahama should help Electrochem Ghana Ltd.

Data from both the Bank of Ghana and the Ghana Chamber of Mines reveal that the Mining Sector which resides in the Industrial Sector of the Economy, is the principal contributor to the Economy of Ghana, which is composed of the Service Sector, the Industrial Sector and Agricultural Sector.

This has been so, since the Economy Recovery Program (ERP) that was launched by the PNDC during the 1980’s Structural Adjustment Program (SAP) which saw the restructuring of the Mining Sector which attracted Foreign Direct Investment. The SAP also brought the hitherto illegal or outlawed Small Scale Mining, which is an informal sector under formal recognition with regulations to contain or control Small Scale Mining. This was done by putting it under the umbrella of the Minerals Commission for regulating it with the support of the Precious Minerals Marketing Company with the monopsony or monopoly to buy and export gold from the Small Scale Miners. It was the SAP which caused the conversion of the hitherto Cocoa Marketing Board to the COCOBOD by the PNDC in 1984 by PNDCL law 81.

So, since the PNDC era, the Mining Sector with volatile prices of the Minerals with an increase in gold output coupled with a relative surge in gold price from as low as 401.00 US Dollars per troy ounce in 1989 to the current 3,500.00US Dollars per ounce, Thus this situation of increase in both the production of gold price has been providing a gradual substantial increase in the foreign exchange earnings of Ghana which is now almost 50 percent of the annual gains. Hence, the Mining Sector with Foreign Direct Investment and reinvestment income generated has been the main backbone of the economy of Ghana with inflows of sufficient US Dollars, hence foreign exchange for her needs. Thus the Sector has been helping to prop up the Cedis against the US Dollar. So, with critical thinking mindset, one should conclude that the Mining Sector afforded the establishment of both direct and indirect 24 hour economy, due to its operations 24/7.

History tells that Ghana’s first Hydroelectric Power Station at Akosombo Dam, which plan was initiated by the Gold Coast’s Colonial Masters but built in Ghana by the Founder of the Nation, President Dr Kwame Nkrumah was built to supply power for the burgeoning mining industry especially for processing of Alumina from Bauxite into Aluminum. Volta Aluminum Company, originally owned by Aluminum Company of America (ALCOA), was the vehicle that facilitated the funding of the Construction of the Hydroelectric Power Station at the Akosombu Dam.

Power was later on extended by VRA to the Large Scale Mining Companies especially, the hitherto Underground Mines under the umbrella of State Gold Mining Corporation, which subsidiaries Mining Companies were sold to Foreigners, so owned by various Multinational Large Scale Mining Companies for Surface Mining. This was done so by the extension of power by VRA to the VRA’s Substation at Prestea, this has helped to provide electricity power for the development of 24 hour Economy in the affected areas and enroute to the affected areas through the associated both Value Chain and Supply Chain . Thus demo the importance of the Mining Sector for both the stability of the Cedis through US Dollars inflows and for nifty 24 hour Economy both directly and indirectly through the supply and value chains.

So, today, we are told by the Governor of Bank of Ghana and our honorable indefatigable Finance Minister that beside the synergy by them, gold from the Mining Sector with Cocoa, an important Commodity from the Agricultural Sector and External Inflows especial remittances from the Service Sector have contributed to the unbelievable astronomical appreciation of the Cedis against the US Dollar.

So, the questions on the front burner are how will Ghana attain sustainability/stability of the Cedis for the good guidance of the Market and how to cause the expansion (growth and spreading out) of the promised 24 Hour Economy by countrywide. Currently, it is limited to certain social and economic activities in Ghana and these are taking place in the big Cites or industrial areas and medical facilities within the regions of Ghana. Hence, this calls for value addition of commodities for both local and external market which will lead to the expansion of the Service Sector. This means an urgent need to revisit the concept of One District, One Industry for value addition of goods including various salts, soda etc which are in high demand to require services of labor 24/7 in order to sustain the 24 hour Economy is very necessary. Hence, Presidential support for Electrochem Ghana Ltd for mining and processing of salt for value addition is very necessary.

It should be noted that beside Gold, the Mining Sector in Ghana also provides other precious minerals like Aluminum from Bauxite ore deposits, as being mined under a Special Purpose vehicle (SPV) since 1940 under the termed as Ghana Bauxite Company (GBC). Currently, jointly owned by Ofori Poku Company Ltd which is a 100 percent Ghanaian Company with 80 percent shares as the majority Shareholder with the remaining 20 percent shares owned by the Government of Ghana at the Awaso mining operations. Thus 100 percent of the foreign exchange revenue is brought to Ghana to help prop the Cedis. Ghana also has Manganese being mined by GMC Nsuta. So it is anticipated that Ghana could gain more US Dollars from the Mining Sector through massive production of minerals including salt.

Beside the foreign Currencies from the mining of the abundant Precious Minerals in Ghana like Gold ore, Diamond, Manganese ore, Bauxite ore, it is reported by the Minerals Income Investment Fund (MIIF) that maximization of the mining of Salt, by Industrial mining by Large Scale method with sophisticated technology and substantial expenditure will earn substantial foreign exchange as well as the generation of local revenue both of which can be reinvested in other economic developments that are necessary for industrial production which will lead to the expansion of the 24 Hour Economy. Hence, the Mining Sector which involves the mining of Precious Minerals Gold and Industrial Minerals like Salt (termed as the White Gold) is really a key driver of the Economy of Ghana, since, it beside gains in both foreign currencies and local revenue, it affords economic diversification (expansion, modification etc) and will therefore be a principal catalyst to drive a nifty 24 hour economy and help to sustain the stability of the Cedis..

The above intelligence therefore speaks volumes that for Nifty (rapid, clever or smart, good, well-designed) 24 hour Economy and Stability of the Cedis, President Mahama should give maximum support to the Mining Sector, including Large Scale Salt production by Electrochem Ghana Ltd, which resides in the Sector.

So visits to the Site of Electrochem Ghana Ltd by the Sector Ministers and related Ministers, namely the Minister of Lands and Natural Resources, Minister of Trade and Industries, the Finance Minister, the Presidential Adviser for the 24 Hour Economy, then President JD Mahama and or the Vice President are very necessary. This will demo that ElectroChem Ghana Ltd, though privately owned is a very important asset for Ghana for the 24 hour Economy and the stability of the Cedis and the African Continental Free Trade Area with the HQ in Ghana in Accra.

It is for this good reason that this writer is calling on His Excellency President JD Mahama and subsequent Presidents of Ghana to give unflinching support to Electrochem Ghana Ltd, which is a new giant entrant in the Mining Sector with regards to the mining of the industrial mineral of salt which is in an abundance in the sea. Since, the Sea never dries, this means that Electrochem Ghana Ltd which is a 100 percent Ghanaian Company under the McDan Group of Companies is here in Ghana forever unlike Gold Mining Companies since gold ore is finite. Thus, it has the potential to help sustain the stability of the Cedis, create and sustain nifty 24 hour economy for a very long time, thus generate permanent massive employment. Hence, Electrochem is going to be an agent for inclusive economic growth, since it will benefit the whole Country, It will also help to further empower women in the Salt allied Industries.

Minerals and Mining Scholars claimed that Salt which is regarded as White Gold, is a mineral resource with high versatility character. Hence, some sources claim that it has 14,000 uses including for the Textile Industry, Food/Culinary Industry, Chemical industry for deicing, manufacturing of fertilizer, detergent or Soap, caustic soda, chlorine, Soda Ash. It is needed in the Pharmaceutical Industry and Medical industry for medical treatment. Thus, salt can fuel the development and growth of numerous industries especially the creation of high valued allied industries which will facilitate the establishment of nifty 24 hour economy.

It should be noted that the processing of Oil and gas or the Petroleum Industry needs a lot of salt for both exploration and the mining or extraction (drilling). It is reported that Nigeria demands 1.5milliion metric ton of Salt which is about 1 billion US Dollars per year for the Petrochemical Industry.

Nigeria happens to be a sister ECOWAS Country as well as a signatory to agreement to trade under the Africa Continental Free Trade Area. But unfortunately, Nigeria imports salt from Brazil when reports by the Minerals Income Investment Fund, indicate that Ada Songhor, the home of Electrochem Ghana Ltd can afford this Company to produce over one Million tons of salt just at 60 percent capacity. Hence Electrochem Ghana Ltd, if well supported by the State can meet the demand of Nigeria and other nations.

Since, Nifty 24 Economy is contingent on demand and supply, Electrochem Ghana Ltd with the potential to produce large volumes or mass of salt and President Mahama with his Resetting Ghana Agenda are both Godsend to ensure the stability of the Cedis and a nifty 24 hour economy. Hence President Mahama should therefore take personnel interest in the effective operations of Electrochem Ghana Ltd to help move Ghana towards the Promised Land.

It should also be noted that the world is in transition from fossil energy to Clean Energy with zero or very low carbon emission. This has made China and other Countries to undertake research work for the massive economic production of Sodium-ion Batteries for electric cars etc. Sodium which is from Salt which is termed as Sodium Chloride in Chemistry will soon become a critical mineral in the energy transition to compete with Lithium for Lithium-ion Batteries. So, thanks to God for the abundance of Sodium Chloride in Ghana which is obtainable from brine, saline or saltwater or seawater that provides salt from which Sodium can be extracted by electrolysis.

It should be noted that Sodium is a sister of Lithium, both are Alkali metals found in sea water or brine with the ability to conduct electricity. So Sodium which is more abundant in the Sea water in the form of Sodium Chloride or Salt in Ghana speaks volumes about the very bright future of Ghana through Electrochem Ghana Ltd.

Sodium in Salt as brine is complementing Lithium in the fight against carbon emission or the race for clean energy or power through Sodium-ion batteries and lithium-ion batteries respectively, for a lot of equipment and to power vehicles as Electric Vehicles (EVs) as well as for energy storage grid.

Sodium-ion batteries are being manufactured by China and some European Countries. Hence, the World should expect Clean Energy War in the power or Energy businesses and Ghana has the potential to help the sub region of West Africa or Africa to meet her demand for Clean Energy and sustain 24 hour economy. It is envisaged that with advance technology, Sodium may soon replace Lithium, in terms of sustainability since it is abundant in seawater, hence lower cost in extraction etc. Issue of safety, since Sodium is less inflammable than lithium, and other reasons of its chemical and physical properties which enable it to react with Oxygen to produce Sodium Oxide for ceramics, glasses, fertilizer etc.

So the President of Ghana, current President JD Mahama and the people of Ghana should be very grateful to the Almighty God and Dr Daniel Mckorley for the Large Scale Salt Mining through the vehicle of Electrochem Ghana Ltd. Since in addition to production of Salt for the numerous industries from her current production of Salt, it has the potential to support the global energy market with the inputs from Sodium Chloride for renewal or clean energy as part of the transition from fossil energy. This suggests that Electrochem Ghana would provide the lucrative opportunity for the possibility of the establishment of Plants in Ghana for the production of Sodium from salt as required for the production of Sodium-ion batteries and energy storage grid and possibly Plants for production of Batteries from Sodium.

Report indicated that the Company intends to add an industry and service infrastructure by the constructing an Ada sea port to ease the transporting of salt for exporting through Tema Port. Thus a further addition of 24 hour Economy facility. This tells that it should therefore be regarded as an Africa or Ghana Company that requires National or Presidential Support to grow faster regardless of its private ownership character.

Report by MIIF, indicated that the Company intends to list in the Ghana Stock Market. This is a very laudable idea by the Company to stimulate investment for sharing dividends with the citizens. Listing in the Ghana Stock Market in order to stimulate wealth creation for the benefit of the citizens will be in line with Clause (6) of Article 257 of the 1992 Constitution which bestowed the ownership of minerals in Ghana to the citizens but vested in the President of Ghana and held in trust for the people of Ghana. Hence, Electrochem Ghana Ltd should be regarded as number one Corporate Citizen for the Citizens of Ghana by a Citizen of Ghana, namely Dr Dan Mckorley, since it would be a leading Company that will in future facilitates the transition from fossil energy to clean energy at low price in Ghana and without waste in US Dollars to cause depreciation of the Cedis.

So, His Excellency President JD Mahama as the President of Ghana and the leadership of Parliament, which is the House of the Representatives of the Citizens, must see Electrochem Ghana Ltd as a Company that deserves National or Presidential support hence a recommendation of the endorsement or support of President JD Mahama as well as the Leadership of the House of Representatives of the Citizens.

It is recommended that the State ( Government) through the Minerals Commission and maybe the GoldBod to support ElectroChem Ltd , hence the need for these Institutions to create a desk at their Headquarters for Large Scale Mining of Salt and thus serves as a speedy liaison Outfit .