President Nana Addo Dankwa Akufo-Addo has disclosed plans to halt the wholesale exportation of bauxite and iron ore in Ghana, in a bid to safeguard the country's limited natural resources and learn from the past mistake of gold exportation.
Addressing stakeholders at a dialogue on natural resources in Accra, the President highlighted that the government will soon establish laws to prohibit the wholesale exportation of bauxite and iron.
“We should not do with these minerals what we have done with our gold resources over the years. The Minister of Lands and Natural Resources under the leadership of Abu Jinapor is finalizing a policy document for the exploitation and utilization and management of these crucial minerals for the consideration of Cabinet in the next few years,” President Akufo-Addo said.
The president further stated that the Minister of Lands and Natural Resources is authorised by law to make regulations that will ensure that no bauxite or iron ore in their raw state will be exported out of the country after five years of the laws' commencement.
According to reports, Ghana's bauxite exports surged by 31% to 61kt in 2022 compared to the previous year. Experts expect Ghana's bauxite exports to increase at a CAGR of 1% between 2022 and 2026, to 64kt by 2026.