President Nana Addo Dankwa Akufo-Addo has expressed concern that Ghana is only playing at a primary level when it comes to owning natural resources, with no significant progress beyond that.
He emphasized the need for the deliberate creation of locally-owned major mining companies to address this issue.
Speaking on Friday, 3rd May, 2024, during the groundbreaking ceremony for the Minerals Income Investment Fund Technical Centre at the George Grant University of Mines and Technology in Tarkwa, the President highlighted the importance of developing Ghana’s mining sector and fostering locally-owned mining companies.
The Centre is set to become a hub for excellence in mining-related education, research, and innovation, aiming to equip the youth with the necessary knowledge and skills to excel in the mining industry. This initiative underscores the government’s commitment to promoting a robust and sustainable mining sector.
In 2018, President Akufo-Addo committed to enhancing Ghana’s mining sector by ringfencing royalties and dividends from mining activities into a Fund. The Minerals Income Investment Fund (Act 978) was established to collect and invest these dividends and royalties for the benefit of all Ghanaians.
Under the management of MIIF, the Fund has grown rapidly, with assets totaling approximately US$1 billion. Investments have been made in various mining projects, including gold, lithium, and salt resources, leading to the development of fully Ghanaian-owned gold mining companies.
President Akufo-Addo stressed the importance of indigenous participation in the ownership and value chain development of the mining sector. He urged for the creation and growth of Ghanaian mining companies that can compete globally, leveraging the expertise of institutions like the George Grant University of Mines and Technology.
The President reaffirmed his government’s commitment to creating an enabling environment for Ghanaian-owned firms to thrive in the minerals sector, ultimately contributing to the country’s development. The MIIF Technical Training Centre, which is expected to be completed in eight months, will provide state-of-the-art facilities for training in jewellery technology, metal smithing, and other related fields, aiming to position Ghana as a hub for jewellery production in Africa.
By investing in the development of local mining companies and fostering indigenous participation in the sector, Ghana aims to not only maximize the potential of its mineral resources but also drive economic growth and development for the benefit of all its citizens.
