Business News of Wednesday, 7 March 2018
Government is determined to establish an alumina refinery and expand the VALCO smelter, the President, Nana Addo Danquah Akufo-Addo has said.
Speaking at the 61st Independence Day anniversary, Akufo-Addo said “Work on the law establishing an Integrated Bauxite and Aluminium Development Authority is far advanced, and will be submitted to Parliament very shortly.
Government also hopes to reach an agreement soon with potential partners to establish an alumina refinery, and expand the VALCO smelter.”
He said, “A successful execution of this project will be key in moving Ghana Beyond Aid, as will be the successful exploitation of our iron ore and manganese deposits to build a steel industry for our country and the region.”
Having undertaken deliberate policy reforms to digitize Ghana, and to formalize the Ghanaian economy, President Akufo-Addo stated that the national identification and address system, the driver’s licence and vehicle registration, the paperless operation at the ports, inter-operability of payment system in the financial sector, are all geared towards modernizing the economy.
He said, “We should begin to feel the difference when all these measures become operational this year. I am looking forward, particularly, to the digitization of the land registration process to help the mortgage market, and release hundreds of billions of cedis to finance our development.”
The theme for this year’s Independence Day anniversary was ‘Ghana Beyond Aid’.
Speaking on the theme, the President noted that his administration believes the private sector should be the critical partner in moving ‘Ghana Beyond Aid’.
He said, “In truth, part of our problem has been that government tries to do too much, tries to take on far too much beyond its capacity. There are many projects in roads, railways, water transport, agriculture, etc. which, if properly structured, will attract private sector financing. Key to attracting private sector investment is a conducive, business-friendly and peaceful environment.”
“Ghana beyond Aid is meant to be more than a slogan. It is meant to propel us into the frame of mind that would quicken our pace of development. It is meant to change our mindset from one of dependency to one of achieving our destiny. It is meant to put us in charge of our affairs, and make us truly independent. Above all, Ghana Beyond Aid will give us the respect and dignity we deserve,” he concluded.