Adopt Lasting Mining Practices To Promote Economic Growth – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has stressed the need for more lasting mining practices that promote sustainable economic development within the communities in which the extractives are located.

“As a government, we expect the industry to keep also being a reliable partner for sustainable development for the economy and the people…We are also aware that all the private stakeholders in the industry are also looking for stability, security, and certainty in the economy, adding that unlocking the potential of mining for development in Ghana also meant building a sector that thrived on transparency and community development.

“That is why I believe the establishment of the Ghana Gold Expo Mining Week Initiative is a necessity to create synergies that added to a stronger economy, based on sustainable growth over the long-term.”

The President whose address was read on his behalf by Dr. Kwaku Afriyie, the Minister for Environment at the third Ghana Mining Week  in Takoradi, added that the Synergies from the event must lead to opportunities for people to get good education and jobs; improving infrastructure for citizens to have equal access to the benefits that flow from mining revenues.

He said the Potential of Mining for Sustainable Development was an important subject to every citizen, as it had a direct relationship with the country’s Foreign Direct Investment (FDI).

“As we all know, the Western Region and Ghana is endowed with immense economic mineral resources and with Ghana being one of Africa’s leading gold producers, such an initiative is necessary to promote our mineral resources to the world.”

According to him, currently, geological mappings and reports showed that Ghana had Gold, Diamond, Manganese, Bauxite, Clay, Kaolin, Mica, Columbite-tantalite, Feldspar, Chrome, Silica sand, Quartz, Salt, Iron ore, Copper, and the newly discovered Lithium.

“Meanwhile, cooperation and integration of technical and economic activities in the mining sector under the Ministry of Lands and Natural Resources, Ministry of Finance and other key stakeholders has ensured economic growth, ecological protection of natural resources and environment, and social development including safety at workplaces and community development.”

He said the government had repositioned the industry and created a sustainable environment that ensured growth for existing companies and new entrants.

“We have promoted effective partnership between the Minerals Income Investment Fund (MIIF) and the Central Bank of Ghana (BoG), especially, as the Bank launched its domestic gold purchase programme  as part of effort to build gold reserves…My government is keen on ensuring the transparent utilization of mineral royalties. “

On illegal mining, the President  noted interventions such as the expansion of the Community Mining Scheme under the purview of the Minerals Commission and exclusively for Ghanaians with 5000 direct and indirect employment through the initiative.

Turning attention to other mineral deposits, He said Ghana, had become the first West African lithium-producing country, following a conditional binding agreement that Iron Ridge Resources entered with Piedmont Lithium to fully fund and accelerate the Ewoyaa Lithium Project to production.

He said Lithium and its compounds also had several industrial applications, including heat-resistant glass and ceramics, lithium grease lubricants, flux additives for iron, steel, and aluminum production. “This is a great gain to our economy and our efforts to create a sustainable economy.”

He  commended some key mining companies in helping to develop and bring infrastructure to various communities.

Mr. Kwabena Okyere Darko-Mensah, Western Regional Minster was grateful to the government  for the commendation to start such a laudable initiative which was gradually transforming the minerals sector and giving the Africa Mining industry a hope.

He said feedback had exposed the experiential value gained from the Ghana Mining Week was serving its purpose and impacting positively on both corporate and personal objectives.

The Regional Minister said the  concept of the Ghana Mining Week recognized the interplay between mining and the other sectors of the national economy.

The 2022 Ghana Mining Week under the theme, “The Potential of Mining for Sustainable Development “, is a call to investors in the areas of exploration, mining, processing, refinery, jewelry, mining-tourism, financing, infrastructure development, environmental management, among others.

The Ghana Mining Week had ensured a safer mining environment through responsible mining.

The Regional Minister said the mining Week project was advancing discussions with University of Mines and Technology (UMaT) for both entities to train community mining companies in the Western Region.

He said the government through the Ministry of Lands and Natural Resources had formalized the Small -Scale Mining Sector, six out of the twelve District Mining Committees – Tarkwa-Nsuaem, Prestea- Huni Valley, Wassa East, Wassa Amenfi East, West and Central have been reactivated.

Mr. George Mireku Duker, the Deputy Minister for Lands and Natural Resources said the mining industry was being positioned for a long-term growth, Consolidation, and reform with a firmer regulation.

“One of the government’s key policies to achieving its goal for the mining industry is through diversification of our mineral resources our country is blessed” he noted.

Ghana Gold Expo provides the platform to discuss and highlight Ghana’s Mining Sector especially the key trends, drivers, opportunities, challenges, and strategies needed to expand the sector and drive economic development and growth.