A consortium of investors have expressed their readiness to establish a $1-billion iron and steel industry plant in the country.
The project will be rolled out in three phases over the next three years and will cover both the downstream and upstream integrated iron and steel value chain.
The first phase, which is expected to begin this year and be completed in 18 months, will produce 800,000 tonnes of iron annually.
The production will be ramped up to 1.5 million tonnes in the second phase, to be completed within one year after commencement of operations.
The third phase will include the mining of iron ore, which the country holds an estimated 6.4 billion tonnes in reserves.
The consortium is made up of UIC Energy Ghana Limited, the local partner; CISDI Engineering Limited, a Chinese global engineering service provider, and Intercon CTS GmhH and Company KG, a Germany-based international consulting group.
They are currently finalising feasibility studies on the project after which they would sign agreement with the government for commencement of work.
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