Govt To Outdoor Large Scale-Mining Policy– Abu Jinapor Hints

Samuel Abu Jinapor

 

Minister for Lands and Natural Resources, Samuel Abu Jinapor, says the Akufo-Addo-led government is currently working on a policy with the Ghana Chamber of Mines that will compel large-scale mining companies to list on the Ghana Stock Exchange which will create a platform for Ghanaian ownership of the companies through acquisition of shares.

According to him, “To derive optimal benefit from our natural resources, African peoples must participate, fully, across the entire value chain of the industry. Our people must have equity in the companies involved in the exploration, production, and processing of our mineral resources.

‘’It is for this reason that the Government of Ghana is working with the Ghana Chamber of Mines to ensure that large-scale mining companies, operating in the country, are listed on the Ghana Stock Exchange, to enable Ghanaians to acquire shares in these companies. We have, also, enacted the Minerals and Mining (Local Content and Local Participation) Regulations, 2020 (L.I. 2431), to promote local content in the mining industry”, he said.

The Minister for Lands and Natural Resources said this when delivering a speech at the ongoing African Prosperity Dialogue at Peduase Presidential Lodge in the Akuapem South Municipality of the Eastern Region on Thursday, 25th January 2024.

The Minister also underscored the importance of value addition to the successful and responsible harnessing of natural resources, urging African countries to follow the blueprint being implemented by the government of Ghana.

He explained that “Pursuant to this law, we have increased the items on the Local Procurement List of goods and services reserved for Ghanaians from 29 to 50, retaining, here in our country, some $3,000,000,000, annually, which would have otherwise been exported.”

Samuel A. Jinapor further gave prominence to the key role value addition can play in the economic fortunes of African countries and implored the countries to begin the institute of measures that will ensure that mineral resources are exploited effectively.

Speaking on the theme of the Conference, “Delivering Prosperity in Africa: Produce, Add Value and Trade,” he identified value addition and local participation as the two principles that are fundamental to the extraction of more valuable mineral resources and making the extractive sector the bedrock of economic turnaround.

The Lands and Natural Resources Minister noted that the pre-colonial practice of “digging and shipping” should make way for the addition of value to the minerals as it enhances the revenue generation capacity of the country which will culminate in the transformation of the economy.

He also encouraged other countries to chart the same path as Ghana by outlining some policy interventions made by the Ghana government which are already bearing fruits.

“We cannot transform our economies if we continue to dig and ship!!! That is why since assuming office in 2017, Ghana’s President Akufo-Addo has been working to ensure that we add value to our mineral resources. Today, for the first time in our country, the Government has established, through a Public Private Partnership, a four hundred kilograms (400kg) gold refinery to refine the gold we produce, and we are working to secure a London Bullion Market Association (LBMA) Certification”, he stated.

He also stated ”The Ghana Integrated Aluminium Development Corporation (GIADEC) and the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), which we established in 2018 and 2019, respectively, have been working to promote and develop integrated aluminum and iron and steel industries, from exploration, through refining, to downstream production. And work is far advanced for the commencement of the construction of a Four Hundred and Fifty Million US Dollars (US$450million) manganese refinery in Ghana’’.

The 20204 ongoing dialogue series which is an initiative of the Africa Prosperity Network (APN) seeks to bring Africa’s political and business leaders together in conference with other thought leaders on Africa.

–BY Daniel Bampoe

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