The News<\/h3>\n
ACCRA, Ghana \u2014 Ghana aims to process its iron ore locally by 2027 for steel production to boost economic growth, a government document seen by Semafor Africa shows. It is part of a continent-wide push to add more value to natural resources at home.<\/p>\n
The goal is stated in a report by the industry regulator Ghana-Integrated Iron and Steel Development Corporation (GIISDEC), together with the Ghana Geological Survey Authority (GGSA) mineral resources body. The document shows the government has signed agreements with eight companies to assess the country\u2019s iron ore deposits. It also shows that none of the investors currently exploring the mineral will own concessions but rather mine within a fixed term, with the government prioritizing Ghanaian companies as key industry players.<\/p>\n
Nasurulai Abdullai, GIISDEC\u2019s spokesman, told Semafor Africa authorities are in talks with other companies in addition to those that had already signed agreements.<\/p>\n
The decision not to export the mineral in its raw form comes as the West African nation \u2014 the world\u2019s second largest cocoa exporter \u2014 seeks to diversify its economy from its reliance on exports of that crop, as well as gold and oil.<\/p>\n
\u201cValue addition means creating employment, expanding the base of what you have and therefore creating a future that would be beneficial to the country,\u201d Deputy mining minister George Mireku Duker told Semafor Africa.<\/p>\n
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The deposits are estimated to have an average grade of 36% \u2014 but that\u2019s far below the premium grade of 52% \u2014 65%. Lower-grade ores contain more impurities, making them less energy efficient to process, with more carbon being emitted than with purer varieties.<\/p>\n
The tonnage and commercial value of the deposits are yet to be determined. As exploration continues, only one site in the west of the country \u2014 is estimated to possess a higher grade of 55%, according to the GGSA.<\/p>\n