Ghana Stock Exchange commends Electrochem Ghana for remarkable achievements

The Ghana Stock Exchange (GSE) has led a delegation of capital market operators on a familiarisation visit to Electrochem Ghana Limited.

During the visit it was highlighted that within the global market that currently uses 271 million metric tons of salt being produced, Ghana is about to become a significant player.

Electrochem Ghana Limited, the largest salt-producing company in Ghana, with a concession size of 41,000 acres, has been actively engaging stakeholders and investors and leading the change in the salt industry.

Ms Abena Amoah, the Managing Director of the Ghana Stock Exchange (GSE), commended Electrochem for its remarkable achievements, stating, “it is very impressive to see such a project in Ghana”.

She further said that the GSE and the capital market operators, having had a first-hand experience of Electrochem’s operations, are now better informed on the investment and capital raising opportunities at the company. She added that the GSE provides the platform to access capital to scale up business operations.

Dzigbordi Kwaku-Dosoo, the lead consultant for Electrochem Ghana Limited, presented the immense potential of the salt industry in Ghana, emphasizing that it has the capacity to produce more salt than is currently required within the country.

She said salt has over 14,000 uses and is a key raw material for many industries where it is used as a key chemical component in the pharmaceuticals, food processing, textiles industries among others. The chloralkali and caustic soda industries are heavily dependent on salt.

Electrochem, with its vast concession, aims to produce one million metric tons of salt annually.

She also highlighted the company’s milestones, including the rehabilitation and development of salt evaporators, and crystallisers previously managed by Interim Management Committees of the Songor Salt Project, restoration of the Songor Lagoon and transitioning from manual to mechanisation to increase production to large commercial volumes.

She further stated, “The goal of the company is to produce and supply salt not only to local and regional markets but particularly to export to the global markets as well. The vision is to leverage the entire salt value chain and the Chairman and the leadership of Electrochem is committed to realising this vision”.

Nana Ama Yirrah, the Environment, Social, and Governance consultant, leading the Sustainability Programs Department of Electrochem Ghana Limited, reassured the Fund Managers and the Ghana Stock Exchange that the Sustainability Programs Department of Electrochem has intensified engagements with all stakeholders to ensure inclusive implementation of the project. She mentioned that the department was currently conducting baseline data collection in all the communities surrounding the project, and as such have a deep understanding of the dynamics of each community.

Moreover, Electrochem’s sustainability focus aligns with the Sustainable Development Goals (SDGs), aiming to enhance the well-being and livelihood of the Ada community. The company’s efforts in this regard have been strengthened.

Naana Adiki Manyeyo Adi I, the Queen Mother of the Adibiawe clan, stated some community projects that the company has undertaken in the past two years, including, educational scholarships, health screening in collaboration with the District Health Directorates, Community Water Supply Project among others.

In concluding remarks, Dr. Daniel McKorley expressed deep appreciation to the Ghana Stock Exchange and the Fund Managers, emphasizing the importance of investing in serious local businesses who want to make a difference not only in commercial results but creating employment opportunities for the youth and drive socio-economic development in Ghana.

He highlighted the ongoing efforts in the Ada Traditional Area and a significant investment he as an investor has already made to reflect his commitment to the comprehensive success of this project.

He said, “Salt is an infinite resource and a commodity that would play a major role in the economy of Ghana and the entire sub-region of West Africa”.