Board Chairman of the Ghana Integrated Iron and Steel Development Corporation says Ghana has taken one of the important steps towards the full utilisation of its iron ore reserves.

Umar Farouk Aliu Mahama attributes this to the successful review of the first draft of a Master plan for the industry.

Processes to secure a comprehensive master plan for the iron and steel industry according to the Board Chairman will help provide technical guidance and direction on how to develop the entire iron and steel value chain.

Umar Farouk Aliu Mahama who doubles as MP for Yendi said this at an event where a proposed Master plan for the industry was reviewed Tuesday.

Steel, which is the finished product of iron ore, has over the years proven to be the backbone of many developed economies.

So far, Ghana has identified iron ore deposits in four regions with the Oti Region marked as the hub with the most deposit.

Mr Aliu Mahama assured investors of a transparent process leading up to the issuance of blocks to prospective firms once the mineral resource estimation process is completed.

Addressing participants including experts from South Africa and countries with experience in the sector, Umar Farouk Aliu Mahama said "a master plan is necessary for this industry in order to provide technical guidance and practical direction on every step on our way to develop the entire iron and steel value chain to boost the Ghanaian economy."

It could take at least a year before Ghana begins commercial mining of iron ore in the identified regions. But the board chairman is already assuring host communities that government will right the wrongs of the damages illegal mining has caused to the environment by adopting universally accepted best practices in exploring its iron ore deposit.

The rail industry according to the Board chairman is expected to play a critical role in transporting the iron ore and the finished product.

Potential gains from the iron and steel industry according to the CEO will be exponential.

“In terms of numbers, it's exponential. We're talking millions of dollars. It's going to create employment. It's going to create revenue for the country. It's going to stop using foreign currency to import steel and iron rods so that that money stays in the country to be used for other things. So this is a quantum leap," he said.

With the menace of illegal mining of gold, the strategy of the Ghana Integrated Iron and Steel Development Corporation is to partner with the private sector for best practices in exploring the mineral.