{"id":5453,"date":"2024-05-06T09:08:49","date_gmt":"2024-05-06T09:08:49","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=5453"},"modified":"2024-05-06T09:08:52","modified_gmt":"2024-05-06T09:08:52","slug":"we-cant-be-africas-number-one-gold-producer-yet-missing-out-on-ownership-participation-space-akufo-addo","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=5453","title":{"rendered":"We can\u2019t be Africa\u2019s number one gold producer yet missing out on ownership participation space \u2013 Akufo-Addo"},"content":{"rendered":"\n

President Nana  Addo Dankwa Akufo-Addo has bemoaned that Ghana is now playing at the very primary level of owning the resources, and nothing more significant after that.<\/strong><\/p>\n\n\n\n

To that end, he says there\u2019s a need to be deliberate about creating locally-owned major mining companies.<\/p>\n\n\n\n

The President said this has on Friday, 3rd May, 2024, when cutting the sod for the construction of the Minerals Income Investment Fund Technical Centre situated on the campus of the George Grant University of Mines and Technology, in Tarkwa.<\/p>\n\n\n\n

The Centre will serve as a hub for excellence in mining-related education, research, and innovation, equipping our youth with the knowledge and skills needed to excel in this critical sector and underscoring government\u2019s commitment to developing a robust and sustainable mining industry.<\/p>\n\n\n\n

It will be recalled that in 2018, President Akufo-Addo committed to enhancing the potential of Ghana\u2019s mining sector and developing a robust and sustainable mining industry for the benefit of all Ghanaians by ringfencing the royalties and dividends from the mining sector into a Fund.<\/p>\n\n\n\n

This informed the passage of the Minerals Income Investment Fund 2018, (Act 978), to gather all dividends from our carried interest in mining, and collect all mineral royalties into the Fund, invest those dividends and royalties for the future gain of all Ghanaians and manage the equity interest of Ghana in mining firms.<\/p>\n\n\n\n

Since then, MIIF has transformed itself into one of the fastest growing minerals sovereign funds in the world, with some US$1 billion in assets under management, which is testament to the prudent management of the Fund.<\/p>\n\n\n\n

The equity participation and investment by MIIF in Atlantic Lithium, Asante Gold Corporation, and Electrochem Ltd, developing our lithium, gold and salt resources, and in various initiatives such as the proposed, gold backed Exchange Traded Fund to be listed on the Ghana Stock Exchange, and the Small Scale Mining Incubation Programme, which is geared towards formalising the artisanal and small scale gold mining sectors, the Presidents notes, has led to well-structured, mid-tier fully Ghanaian-owned gold mining companies.<\/p>\n\n\n\n

\u201cThe gold standard of development everywhere in the world is for the indigenous population to participate in ownership, funding, value chain development and other tertiary activities, such as gold trading and listing on the stock markets, amongst others. Sadly, we are now playing at the very primary level of owning the resources, and nothing more significant after that,\u201d the President bemoaned.<\/p>\n\n\n\n

That is why, he continued, \u201cwe must be deliberate about creating our own major mining companies. It cannot be that we proudly wear the crown as Africa\u2019s number one gold producer, yet we are missing out on the ownership participation space, and in value chain development.\u201d<\/p>\n\n\n\n

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