Chief Executive Officer of the Mineral Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, has said Ghana stands to rake about $1 billion in revenue from salt production annually.
He stressed that the natural resource presents a vital opportunity for the country to tap into, with the view of becoming the number one salt producer in Sub-Saharan Africa.
In an interaction with Oxford Business Economics Africa, the MIIF CEO pointed that salt mining presents a unique opportunity to create sustainable employment avenues and generate domestic revenue.
“Ghana is positioning itself as the number one salt producer in Sub-Saharan Africa. There's the potential for Ghana to make about $1 billion every year from salt alone. The country is investing $30 million in salt production since salt cannot only rake in revenue for the country but can also feed the pharmaceutical and textile industries,” he stated.
“We're investing $30 million in salt and salt has 14,000 uses and Ghana is looking at how we can invest in this to expand the value chain of salt you see. We're looking at pharmaceuticals, bicarbonate soda, food preservation, textiles, and aluminum castings; and we're investing in Electrochem”, Koranteng added.
The MIIF CEO said indigenous mining company Electrochem is managing a 41,000-acre of salt endowed land located at the Ada Songor area – making it the biggest salt production firm in Sub-Saharan Africa.
Meanwhile, Ghana has the potential to produce about 2.2 million tonnes of salt annually for domestic and export purposes.
MA/NOQ
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