Ghana’s Iron Ore Deposits Could Change The Economic Fortunes When Harnessed Properly-GIISDEC CEO

The Chief Executive Officer of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Kwabena Bonsu Fordwor, has declared that Ghana’s iron ore deposits, especially the Sheini Hills deposits, when harnessed properly could change the country’s economic fortunes over years.

According to him, with Ghana having some 6.4 billion metric tonnes of iron ore deposits, with the Sheini area holding 1.7 billion metric tonnes, the fortunes of the country’s economy will witness a major boost when managed adequately.

Ten iron ore blocks in the Oti Region have been allocated to selected investors the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) to undertake geoscientific studies, commonly known as Mineral Resource Estimation (MRE).

MRE encompasses assessing the tonnage, grade, and value of iron ore deposits, which underpins the basis of engagement between GIISDEC and the investors. It is a crucial step in mine development as it bridges the gap between mineral exploration and commodity production.

The ten selected investors are Africa exploration and mining Ghana Limited; Gem Global Ventures; Cloudline Ghana Limited; Q3 Company Limited; Star steels Limited; Shokram Limited; B5 Plus Limited; Fabrimetal Limited; Planet One Group and Magya mining and contract Services Limited

Chief Executive of GIISDEC, Kwabena Bonsu Fordwor, speaking at a durbar with the Chiefs and people of the area at Dambai, said, the allocation and demarcation was done in collaboration with the Ministry of Lands and Natural Resources (MLNR) and the Minerals Commission.

The allocated blocks, according to him, were old mines that stretch from the Akpafu range to Akpafu-Todzi towards the hill east of Santrokofi-Benua.

He said all the blocks were or near the crest of the Santrokofi-Akuapem-Togo Range with the rest being small, with the exception of the largest and most developed mine, Akpafu-Todzi.

He explained that the objective of the initial allocation was to encourage selected investors to invest in geoscientific studies

Mr Fordwor said, “As the task of extracting the mineral from the ground and adding value to it get closer, he noted that GIISDEC would count on the support of the traditional rulers and community members to ensure a smooth process”.

“This support is necessary if we must make the speedy headway of joining the league of steel producers in the world. We look forward to the period when iron rods would be produced locally and many more of our compatriots from our Geological Engineering Faculties join us as engineers,” the CEO added.

He said GIISDEC would work to promote cordial and mutual relationships with all stakeholders and fully undertake their Corporate Social Responsibility (CSR) towards the community when full production commences.

On his part, Mr Joshua Makubu, Oti Regional Minister stated that iron and steel had been the backbone of industrialization worldwide adding that discovery was a great boost to the life of the Region.

He assured all prospective investors that his outfit would provide them the necessary impetus that they would require to do their work in peace.

He said the government established the GIISDEC to propel the sustainable exploitation of the iron ore deposits across the country and to facilitate the grounds for a one-stop shop development of this natural resource adding that the iron ore deposits in the Region hold the key to the rapid industrialization of the country.

Story by:Kwaku Stephen

Latest Headlines

Recommended for you