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Fri, Nov

PRESIDENT SIGNS BILL: AT LEAST 30% OF ANY BAUXITE BUSINESS GHANAIAN

Business & Economy

President Nana Addo Dankwa Akufo-Addo on August 30, gave assent to the Ghana Integrated Aluminum Corporation Act, 2018, marking the final stage of the legislation.

President Nana Addo Dankwa Akufo-Addo on August 30, gave assent to the Ghana Integrated Aluminum Corporation Act, 2018, marking the final stage of the legislation.

 

With the act in place, the Ghana Integrated Aluminum Development Corporation would promote and develop an integrated aluminum industry as well as provide for related matters.

It can be recalled that following the intention of government to set up an integrated bauxite and aluminum industry in Ghana, a Bill was forwarded to parliament to consider the establishment of an Integrated Bauxite and Aluminum Corporation which will sets the legal framework for the regulation of the industry.

The coming into being of the act will mean that government realizes the need to take opportunity of the vast bauxite resource available to help in economic development of the country

Section 1 of the Act establishes the Corporation as a body corporate with perpetual succession, which may acquire and hold movable and immovable property, dispose of property and enter into a contract or any other related transaction.

The Corporation has ten functions under the Act, which include undertaking preparatory work for the promotion and development of the integrated aluminum industry, collaborate with investors, ensure the development and implementation of a local content policy, ensure that the minimum total equity held by the State and the Ghanaian private sector in any joint venture in the integrated aluminum industry is not less than 30% of the total equity.

The powers of the Corporation for achieving its objects include, to enter into joint venture operations, promote the economy and efficiency of the integrated aluminum industry, ensure that a minimum part of the equity is held by the Ghanaian private sector.

The Corporation has a governing board who are appointed by the President in accordance with article 70 of the Constitution and a Chief Executive Officer appointed by the President in accordance with Article 195 of the Constitution.

The Chief Executive will be responsible for the day-to-day administration of the Corporation whilst the Secretary, also, appointed by the President in accordance with article 195 of the Constitution, will see to the proper and effective performance of the functions of the Corporation.
 


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