Bauxite reserves can earn Ghana $460b – Vice President

Ghana can earn as much as $460 billion from its proven bauxite reserves alone, the Vice President, Dr. Mahamudu Bawumia has said.

According to a GNA report, he said Ghana has proven reserves of about 2.8 billion metric tonnes of iron ore; 160 million metric tonnes of bauxite; 430 million metric tonnes of manganese and 430 million metric tonnes of limestone, excluding gold and oil.

He explained that Ghana’s bauxite reserves alone would get the country about $460 billion at current market prices.

“Our case is that if we need just $20 billion to do a major massive marshal plan and we have $460 billion sitting in the ground… what we really need is to develop a financing module that utilizes a small fraction of those reserves to finance infrastructure,” he was quoted saying.

Mining is a major component of Ghana’s extractive sector. In 2016, the industry contributed some GH¢1.6 billion to the country’s revenue. The amount represents a growth rate of 23 per cent from that of 2015.

By Emmanuel K. Dogbevi
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