The Minerals Income and Investment Fund (MIIF) is contemplating a 300 million Ghanaian cedi ($25.6 million) investment in the Ada-Songor Salt project, operated by Electrochem Ghana Ltd, a subsidiary of the McDan Group of Cos. This potential investment hinges on Electrochem Ghana Ltd listing its shares on the Ghana Stock Exchange. The investment has the potential to transform the 41,000-acre facility into Africa's largest salt industrial complex. MIIF's Chief Executive Officer emphasized that this requirement reflects MIIF's commitment to promoting growth and transparency in the extractive sector. Industrial salt, with around 14,000 applications, plays a critical role in various sectors, including pharmaceuticals, bicarbonates, and oil and gas. MIIF's involvement is seen as a catalyst for economic transformation by supporting domestic industries and reducing imports.
MIIF, established as the state's minerals sovereign fund, aims to maximize the mining sector's value creation potential for sustainable national development. The potential investment in the Ada-Songor Salt project aligns with Ghana's ambitions to become a leading exporter of salt to the African market under the African Continental Free Trade Area. The project, with an initial capacity of one million metric tonnes of salt per year, is expected to contribute significantly to the country's economy and job creation, with plans to scale up production in the coming years.