Govt to ban exportation of bauxite, iron ore?

The President of Ghana, Nana Addo Dankwa Akufo-Addo, has announced his intention to prohibit the wholesale exportation of bauxite and iron ore from the country according to a report by Citi News.

This decision is motivated by the need to safeguard Ghana's limited natural resources and avoid repeating the mistakes made with gold exportation.

President Akufo-Addo made this announcement during a natural resource stakeholders dialogue held in Accra. The government plans to introduce legislation to ban the wholesale exportation of these minerals, emphasizing the importance of responsible management and utilization. The Minister of Lands and Natural Resources, Abu Jinapor, is currently finalizing a policy document on the exploitation and management of bauxite and iron ore, which will be presented to the Cabinet for consideration in the coming years.

The proposed regulations would prevent the exportation of raw bauxite and iron ore after five years from the enactment of these laws. Projections indicate that Ghana's bauxite exports will experience a Compound Annual Growth Rate (CAGR) of 1% between 2022 and 2026, reaching 64kt by 2026.