The Minister for Lands and Natural Resources, Mr Samuel A. Jinapor, has urged stakeholders in the mining industry to invest in value addition throughout the mineral value chain for the country to benefit fully from its mineral resources
He asserted that the true worth of materials is found in value addition, citing the considerable price difference between raw bauxite and aluminum ingot generated from bauxite.
He said this at the opening ceremony of the 2023 Ghana Mining Expo in Takoradi last Friday.
The Minister highlighted government’s commitment to promoting value addition in the country’s mineral sector since 2017.
He stated the development of a gold refinery through a public-private partnership and efforts to acquire London Bullion Market Association (LBMA) certification. This accreditation will allow Ghana to trade gold refined in the country on the international market.
Mr Jinapor stated that a policy proposal for the mining, management and use of green minerals is under consideration by Cabinet, adding that Ghana’s goal is to retain a significant portion of the value chain for future critical minerals in the country.
He called for the diversification of the country’s mineral resource base to exploit lesser-known minerals, including those crucial for the green energy transition.
He noted that the theme, “Sustainable Mineral Resources Development and Well-Being of Mining Communities” emphasizes value addition, value chain development, environmentally responsible extraction, formalization, best practices, exploration scaling and holistic national development.
The Governor of the Bank of Ghana, Dr. Ernest Addison, outlined the Domestic Purchase Program in accordance with the country’s Gold for Oil strategy. According to him, the policy has greatly boosted economic growth in the nation and stabilized market pricing and foreign currency rates.
He reaffirmed the Bank’s commitment to helping the initiative succeed and lessen unlawful mining in the nation.
On his part, the Western Regional Minister, Mr Kwabena Okyere Darko-Mensah, stated that this year’s programme was designed to examine the level of corporate social responsibility practiced by Ghanaian mining companies and their effects on host communities.
He announced a collaboration between the Ghana Gold Expo Foundation and the Western Regional Coordinating Council and Oxford University to train mining institutions in CSR through leadership and workshop programmes.
Irene Wirekoaa Osei, ISD