President Nana Addo Dankwa Akufo-Addo has Expressed Concern Over Ghana’s Limited Involvement in the Mineral Resource.

President Nana Addo Dankwa Akufo-Addo has expressed concern over Ghana’s limited involvement in the mineral resource sector, emphasizing the necessity for the establishment of locally-owned major mining enterprises.

He made these remarks during the groundbreaking ceremony for the Minerals Income Investment Fund Technical Centre at the George Grant University of Mines and Technology in Tarkwa on Friday, May 3, 2024.

The center aims to become a focal point for excellence in mining-related education, research, and innovation, empowering Ghanaian youth with the requisite knowledge and skills crucial for success in the mining industry.

President Nana Addo Dankwa Akufo-Addo’s commitment to developing Ghana’s mining sector dates back to 2018 when he pledged to enhance its potential for the benefit of all citizens. This commitment led to the establishment of the Minerals Income Investment Fund (MIIF), which collects royalties and dividends from the mining sector to invest in the future prosperity of the country.

Under President Nana Addo Dankwa Akufo-Addo’s leadership, MIIF has grown into one of the fastest-growing mineral sovereign funds globally, managing assets worth approximately US$1 billion.

The President highlighted MIIF’s equity participation and investments in various mining ventures, including Atlantic Lithium, Asante Gold Corporation, and Electrochem Ltd. These investments have facilitated the development of well-structured, mid-tier fully Ghanaian-owned gold mining companies, marking a significant step towards indigenous participation in the mining industry.

President Nana Addo Dankwa Akufo-Addo emphasized the importance of Ghanaian ownership, funding, and value chain development in the mining sector. He lamented that despite being Africa’s leading gold producer, Ghana has yet to fully exploit its potential for ownership participation and value addition. He urged the nation to focus on creating its major mining companies to capitalize on its gold resources fully.

Regarding the MIIF Technical Training Centre, the President underscored its role in reviving the art of jewellery making and promoting Ghana as a hub for gold jewellery in Africa. He envisioned the center producing skilled jewellers equipped not only with craftsmanship but also with entrepreneurial skills to drive the industry forward. Additionally, the President highlighted the center’s role in advancing research and innovation in mining and mineral processing, positioning Ghana at the forefront of technological advancements in the sector.

President Akufo-Addo reiterated his government’s commitment to creating an enabling environment for Ghanaian-owned firms to thrive in the minerals sector, emphasizing the importance of leveraging the country’s wealth to accelerate development.

He expressed confidence that the MIIF Technical Training Centre would contribute significantly to the growth and advancement of the mining industry while empowering Ghanaian youth to excel in this critical sector.