Ghana bans export of scrap ferrous metal to support local industry

ACCRA (Reuters) - Ghana has banned the export of ferrous scrap metal immediately in a bid to make more raw material available to sustain the West Africa country’s steel industry, Trade Minister Haruna Iddrisu said on Tuesday. Iddrisu said the government was also drafting legislation to establish an international trade commission to deepen and enforce anti-dumping measures in Ghana. Steel manufacturers in Ghana have complained they do not have enough raw materials to sustain the industry yet tonnes of the metals are exported to countries which in turn dump finished goods on the market at cheaper prices. Iddrisu said that the ban comes into immediate effect and replaces current measures in place meant to ensure that the only scrap metal leaving the country was surplus to the needs of local industry. "What I have done now is to elevate that administrative restriction to a full ban to ensure the sustenance of our steel industry," he added. Iddrisu said government would provide concessional loans to selected local firms, mostly small scale manufacturers, to enable them to add value to their products in order to reduce the country's excessive import bill.