Mineworkers, who are threatened with job losses after the industry entered the doldrums in 2013, want legislation to require at least 20 percent of Ghana’s gold to be processed in-country to brighten the industry’s prospects. Prince William Ankrah, General Secretary of the Ghana Mineworkers Union (GMWU), said in a statement the union welcomes attempt by President John Mahama to seek international cooperation in moving the mining sector from a primary producer of mineral resources to secondary-stage production. “The union agrees with the President that over-reliance on primary production over the years has denied the country the expected benefits from mining,” he said, adding that best practice in places like Bostwana has demonstrated that maximum returns from mining can be had through “beneficiation”, the industry term for in-country value-addition. He added that having an aluminum smelting factory for bauxite will also be of great benefit to the country in terms of revenue enhancement. The same can apply for the diamond sub-sector in Akwatia as well as iron-ore in the Oppong valley, which is yet to be tapped in commercial quantities, he stated. These will provide job openings that are in short supply while boosting economic activities in host communities, the statement emphasised. The GMWU urged governments across the continent to take bold positions on the issue of mining investments and go in for a balanced deal, especially with multinational companies. He said countries should learn from Botswana, where during the renewal of a contract with diamond producer De Beers, the government was able to prevail on the miner to bring back a diamond-cutting job it took to London. “The company had no option than to respond to the decision in order to create the right commercial chemistry between the parties,” he said. Touching on the issue of illegal small-scale mining, Prince Ankrah said though it is an opportunity for Ghanaians with a passion for mining professionally to do so at lower cost without degrading the environment, the current situation cannot be justified on the basis that there are no jobs in the system. He therefore urged the anti-illegal mining taskforce not to relaxed but rather ensure that the laws are adhered to. He said though research indicates that the activity provides a livelihood to about a million people, it must not be justified on that account. By Konrad K. Djaisi

  The Ghanaian-German Economic Association (GGEA) in partnership with Lenzfinance Management (LFM), a German-based financial advisor, has launched a sourcing and financing product to provide credit facilities to Ghanaian entrepreneurs and businesses to expand their operations. The product, which combines supplies with finance options, will enable Ghanaian businesses to acquire needed capital equipment as well as finance for their businesses. Businesses, which meet the eligibility criteria, could access funds for a single transaction of at least 100,000 Euros and 500,000 Euros for capital goods. Speaking at the launch of the product in Accra, Mr Stephen Antwi, President of the GGEA, said the product addressed the twin challenges of access and cost of credit, which had been the bane of businesses in the country. He said with Lenzfinance Management expertise in the field of finance over the years, the product would make available to companies. the much needed finance at a lesser cost than the prevailing high interest rates in the Ghanaian market. Mr Wolfgang Lenz, the Chief Executive Officer of LFM, said LFM as the German arm, has an in-depth knowledge and would provide finance at a lower cost than the prevailing rates in the domestic market, leveraging on LFM expertise. The LFM is also in the position to provide access to suppliers from Germany, as many German companies were yet to discover Africa as a potential market. Mr Lenz said the partnership with the GGEA would help to support Ghanaian businesses in need of finance and capital equipment to expand, adding that, the political and business climate in Ghana provided the impetus for economic growth. GNA

Gene Allan Cretz The US Embassy in Ghana has welcomed the visiting trade mission of The Corporate Council on Africa to Ghana for discussions. A statement from the US Embassy in Accra on Monday said the visit is to allow trade missions and other US-based companies interested in exploring new business opportunities in Africa to come to the country and meet government officials for the execution of such businesses. The Trade Mission includes companies interested in exploring business opportunities in a broad array of economic sectors, particularly power; financial services; construction; and technology. Some of the corporations comprising the Trade Mission are: AGS; Akin Gump Strauss Hauer & Feld LLP; Covenant Security Solutions; EAI Information Systems; Essex Construction; International Green Structures; JML Investment Group; and STI Global Ltd. In honour of the delegation, the Ministry of Trade and Industry will host a forum introducing the American businesses to key Government of Ghana officials. The delegation will then pay a courtesy call on President Mahama and interact with representatives of the local private sector for the remainder of the visit. Ambassador Cretz welcomed the visitors, stating: “I firmly believe these missions are critical to fostering the exchanges and information-sharing that ensures American companies continue to consider Ghana and partnering with Ghanaian firms as they seek to expand their presence in the region”.