The Board Chairman (3rd from right), his hosts and members of his entourage in a group photograph
With 10 local and foreign investors ready to invest in the Mineral Resource Estimation (MRE) project on 10 iron ore blocks in the Oti Region, the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) has taken a giant step in the journey to the full and sustained exploitation of the vast deposits of the mineral resource.
The Board Chairman, who is also the MP for the Yendi Constituency, Farouk Aliu Mahama, broke news about the development during a community engagement programme by GIISDEC in Oti Region.
According to him, none of the investors will exclusively own a concession but rather, a memorandum of understanding signed to mine within a specific time which he believes details will benefit the Oti Region and the nation at large.
Yendi MP explained that it is the vision of the Akufo-Addo-led administration to ensure that, the mining sector is dominated by Ghanaian industry players, hence GIISDEC will continue to give topmost privilege to local investors to mine, which he believes this will lead to the retention of revenue from the sector in-country, which will result in the growth of the Ghanaian economy.
The engagement programme comes ahead of the scheduled technical valuation and validation exercise of iron ore deposits in Akpafu in the region.
The engagement involves political and traditional leadership and the people of the region to seek their blessings and support, as the corporation undertakes the Mineral Resource Estimate of the Akpafu iron occurrence.
As a first point of call, the board called on the Oti Regional Minister, Joshua Makubu.
Speaking at a meeting, the Board Chairman stated that it is the vision of the President to see the emergence of a vibrant integrated iron and steel sector, which will serve as a catalyst for Ghana’s accelerated industrial development, and the board, management, staff and people of Oti Region have the onus responsibility to make sure this takes off timely for the benefit of the region and the country.
The minister assured the board of the region’s fullest support and blessings, adding that the people of Oti Region have always heard about the iron deposits, but this for him is the first and biggest activity to exploit the minerals. He therefore commended GIISDEC for the move.
Ghana has an estimated 6.4 billion tons of iron ore reserves. These resources when developed will be a major foreign currency earner for the country, enrich our steel industry, engender prosperity, leapfrog our economy and stimulate growth.