President Nana Akufo-Addo resurrects Obuasi Mine after 4 years of shutdown

After four years of blackout, AngloGold Ashanti (AGA) Obuasi Mine again commenced its operation on January 22, 2019. Ghana's President Nana Akufo-Addo joined by the Asantehene, Otumfuo Osei Tutu II, cut the tape to reopen the mine, to rapturous applause from a gathering that included officials of the company, the chiefs and people of the Adansi area and well-wishers.

An amount of $881 million was invested in the initial redevelopment project, with $1.6 billion projected for investment in the 22-year life span of the mine. The project is likely to generate about 2,500 jobs. It was promise come true to the President Nana Akufo-Addo as he had made a vow in the run-up to the 2016 general election to see to the revival of the one-time buoyant company.

The Head of State said while addressing the gathering that a series of discussions and negotiations took place when he assumed the office that resulted in the redevelopment project of the Obuasi Mine. "In order to help AngloGold Ashanti secure the needed investment for this project, the government had to provide a number of fiscal incentives and guarantee the stability of the project against changes in the legal environment, especially in the early years of the mine's operations. It is expected that all the agreements reached, including the vigorous implementation of domestic content policy, will be scrupulously honoured and performed. The initial investment in the redevelopment project is $881 million, with a total investment of $1.6 billion projected for the entire 22-year life of the mine. The whole investment package has been approved by Parliament," he said.,

With the expected thousands of jobs to be created by the reborn mine, the President expressed confidence that Obuasi, a once vibrant town, would be brought back to life again, with an improvement in the living circumstances of its residents.