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Business News Sat, 2 Mar 2019

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Akufo-Addo swears in 11 member board for integrated Aluminium Development Corporation

President Akufo-Addo has charged the Board of Directors of the newly instituted Ghana Integrated Aluminium Development Corporation, GIADEC to ensure that a vibrant aluminium industry is established in the country.

Addressing the Board of Directors of the Corporation at the Jubilee House after administering the Official Oath and the Oath of Secrecy to them at their swearing in ceremony, President Akufo Addo said, "Aluminium is often described as the metal of the future. If that is the case, we have its raw material that is bauxite in abundance in Ghana. The time has come to make a concerted effort not only to bring the raw materials into play, but to establish the full value chain of the product so we can have a vibrant aluminium industry in Ghana."

Syno Hydro Deal

The President further noted that the obligations of Ghana under the $2 billion dollar Sino Hydro deal require that "we supply them with aluminium products as payment in return for $2 billion dollars’ worth of projects."

"With the Ghana Integrated Aluminium Development Corporation headed by the astute solid Ghanaian professionals with reputable international credentials and a Board composed of some diverse, experienced and well-grounded personalities, I am confident that the Corporation will enjoy the benefits of your considerable abilities in the discharge of its duties in helping realise the objectives of the Corporation," President Akufo Addo said.

Tracing the History

President Akufo Addo said the journey to create an aluminium industry in Ghana, began in 1948, through the establishment of the VALCO Aluminium Company. Kaiser Aluminium made an investment together with the government of our first President Dr. Kwame Nkrumah in 1961, resulting in the building of the Akosombo Dam." President Akufo Addo observed that, "It was intended that Kaiser, subsequent to the construction of the Dam, will exploit the country's bauxite resources to serve as feed stock for smelters at VALCO. Unfortunately this never happened. To this end, we cannot, in the modern era, stumble twice on our journey of giving value to our significant natural resources of bauxite and thereby accelerating our industrial development and transformation." He indicated that much of the future success of the nation is bound up with your work. "I am aware that the task ahead of you is a challenging one and it is my expectation and hope that you will be up to it".

The Board of Directors is chaired by Dr. Oteng Gyasi and includes Mr. Michael Ansah, Chief Executive Officer of the Ghana Integrated Aluminium Corporation, Mr. Addae Antwi-Bosiako, representative of the Minerals Commission; Mr. Humphrey Ayim Darke, Representative of the Association of Ghana Industries; Dr. Henry Benyah, Dr Benjamin Ofosu Addo, representatives of the Integrated Aluminium Industry; Hon. Patrick Bogyako-Siaime, Member of Parliament for Amenfi East, Hon. Benito Owusu Bio, Representatives of Ministry of Land/ Natural Resources; Mrs. Abena Osei Asare, representative of the Ministry of Finance, Nana Dokuaa Oky and Nana Amampene Boateng Twum Il.

Board Chair

Chairman of the Board of Directors, Dr. Oteng Gyasi, in his response on behalf of members of the Board said they are aware of the industrialization intentions of the President and the place of Aluminium in the programme of the President. "It is not for us to make promises, it for our work to speak for itself. We will do our best to realize the dream, vision and mandate you have given us", Dr. Gyasi said.

Formation of the GIAC

President Nana Addo Dankwa Akufo-Addo on August 30, 2018, assented to the Ghana Integrated Aluminium Corporation Act, 2018, marking the final stage of the legislation. With the act in place, the Ghana Integrated Aluminium Development Corporation is expected to promote and develop an integrated aluminium industry as well as provide for related matters. Following the intention of government to set up an integrated bauxite and aluminium industry in Ghana, a bill was forwarded to Parliament to consider the establishment of an Integrated Bauxite and Aluminium Corporation which will set the legal framework for the regulation of the industry.

The coming into being of the act meant that government realized the need to take opportunity of the vast bauxite resources available to help in economic development of the country.

Source: Peace FM

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