Bauxite Exploitation in Nyinahin will Benefit Entire Nation – President Akufo-Addo
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 explioted 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 Aluminium Industry” as one of the major pillars for the transformation of the the country’s economy.
This position of government has led to the establishlent of the Ghana Integrated Aluminium Development Corporation (GIADEC) through an Act of Parliament in August 2018 to promote and develop a globally competitive integrated bauxite 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 explioted 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.
Exton Cubic Nyinahin Bauxite lease
The erstwhile John Mahama administration granted Ibrahim Mahama’s Exton Cubic firm a the lease to the concession close to Nyinahin in the Ashanti Region on 29 December 2016, approximately a week before Mr Mahama handed over power to the then President-elect, Nana Addo Dankwa Akufo-Addo.
However, a Supreme Court ruling revoked the lease after several legal battles between Exton Cubic and the Ministry of Lands and Natural Resources.
GIADEC is the holding company for all Government investments and interests in the Integrated Aluminium 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 aluminium 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