Francis Buamah, chief executive of Electrochem Ghana Limited, says investors from the United Arab Emirates, France, the United Kingdom and Austria have approached the company about buying equity. Talks have picked up over the last six months, he said, as Electrochem looks for financing to scale up and modernise its salt operations at Ada.
The disclosure came as civil society organisations (CSOs) backed more equity investment in the company, particularly from the Minerals Income Investment Fund (MIIF). A delegation of CSO leaders had recently toured the Ada Songor Salt Project, where they met management, traditional authorities and community stakeholders. They called the operation a strategic national asset that could make Ghana a major player in Africa’s salt industry, and a venture counted among West Africa’s largest in salt mining.
The CSOs said they were pleased with what Electrochem has spent over five years. They see the project as an engine for industrialisation, jobs and local development.
Kofi Owusu Hene, popularly known as Kofi Kapito and chief executive of the Consumer Protection Agency, said that spending has put Ada on course to become a salt production hub of continental importance. “Electrochem’s commitment to developing Ghana’s salt industry is evident, and the investments being made have the potential to generate substantial economic opportunities for both the local community and the country at large,” he said.
Kapito also pressed management to keep explaining the project’s long-term benefits to residents and to deal with concerns through dialogue and consultation.
A $500 million expansion
Electrochem is pursuing an expansion programme worth $500 million. The money would go toward automating pumping systems, building pipelines and a jetty, buying vessels and barges, finishing a salt refinery and setting up a caustic soda plant. It would also pay for mining equipment and a research-focused university. The company aims to lift annual salt production to one million tonnes.
Buamah said foreign investors “see Ghana as a gateway to the African market.” He argued that Electrochem’s position gives buyers access to the African Continental Free Trade Area (AfCFTA) and more than 1.2 billion people.
Professor Kofi Abotsi, the board chairman, said private money must produce national benefits. Returns to shareholders are not enough, he argued. The Songor project has to create jobs, support industrial growth and improve living conditions in nearby communities, and continued engagement with stakeholders is needed to keep public confidence.
What the Ada Traditional Council said
Traditional authorities also welcomed the investor interest. The Vice President of the Ada Traditional Council described the Songor Lagoon as one of Ghana’s most valuable natural resources, able to yield millions of metric tonnes of industrial salt a year. He recalled the 1991 Songor Master Plan, which called for investors, local communities and structured management of the lagoon to work together.
Traditional leaders said the government gave Electrochem the concession in 2019 to revive a salt industry that had sat underused for decades. Nene Agudey Obichere III dismissed what he called misconceptions about the company, insisting its activities fit the goals of sustainable development, community participation and restoration of the lagoon ecosystem.
The Council commended Electrochem for its spending on employment, potable water and women’s empowerment programmes. It asked for continued government support, peaceful engagement among stakeholders and effective law enforcement to protect the lagoon’s development.
