The Minister responsible for Energy and Green Transition, Hon. Dr. John Abdulai Jinapor has inaugurated the Board Management of the Prestea Sankofa Gold Limited (PSGL), a subsidiary of the Ghana National Petroleum Corporation (GNPC).
This inauguration marks the government’s continued strategic efforts to optimize the country’s natural resources,
According to the main minister responsible for energy, the move underscores the government’s commitment to ensuring value addition within the mining sector and creating employment opportunities for host communities.
The newly constituted Board, led by an esteemed public servant, Hon. Emmanuel Nii Ashie Moore, is poised to guide the Pretea Sankofa Gold Limited (PSGL) towards operational revival, improved efficiency, and long-term profitability for the country at large.
“I charged the Board to approach its work with professionalism, transparency, and urgency,” stated Hon. Dr. John Abdulai Jinapor, the Minister responsible for Energy and Green Transition, who presided over the inauguration ceremony on behalf of the President.
“The company’s purpose is clear, and its potential is significant. With the right leadership and focus, PSGL can once again become a strong pillar within our natural resources sector.”
Hon. Dr. John Abdulai Jinapor
GNPC and Prestea Sankofa Gold Limited
The Ghana National Petroleum Corporation (GNPC) has long been a vital player in the country’s energy landscape, responsible for the exploration, development, and production of Ghana’s hydrocarbon resources.
However, the corporation’s strategic mandate has expanded in recent years to encompass a diversified portfolio, including the mining sector.
Prestea Sankofa Gold Limited (PSGL) which is exclusively a state-owned gold mining company that was incorporated in 1994.
It operates in the Prestea gold belt in the Western Region, focusing on extracting gold from historical tailings and waste ore.
The company’s initial ownership structure included a UK-based company, Samax Limited (50.4%), the Ghana National Petroleum Corporation (GNPC) (39.6%), and the Government of Ghana (10%).
After a brief period under Ashanti Goldfields Company (AGC) ownership of Samax’s shares, GNPC acquired full control in November 2000, making PSGL a wholly Ghanaian-owned entity.
PSGL’s core business involves processing low-grade surface materials using a Carbon-In-Leach (CIL) process at its processing plant in Prestea.
Recently, the company has seen a revival in its operations. It has increased monthly gold production and is investing in new infrastructure, including a modern tailings storage facility.
The new managing director coupled with the newly inaugurated board are tasked to oversee the operational improvement.
These new managements are assisting in realizing the government’s broader vision of maximizing the potential of Ghana’s natural resources and fostering sustainable economic development.
Energy Ministry Role
The Energy and Green Transition Ministry, under the leadership of various ministers including the current minister, Hon. Dr. John Abdulai Jinapor, has played a pivotal role in empowering Petroleum Sankofa Gold Limited (PSGL) to achieve its strategic goals.
By inaugurating the new Board, the Ministry once again signaled its unwavering support and confidence in the company’s ability to navigate the challenges within the mining sector and emerge as a strong contributor to the nation’s economic growth.
The collective expertise and experience of the Board members, which include Kwame Ntow Amoah, Hajia Amina Adam, and Alhaji Ishaq Dauda, are expected to provide the necessary guidance and oversight to propel the Prestea Sankofa Gold Limited (PSGL) towards operational excellence.
The Minister’s charge for professionalism, transparency, and urgency further underscores the government’s commitment to fostering a conducive environment for the mining industry to thrive.
The inauguration of the Prestea Sankofa Gold Limited Board marks a significant milestone in the government’s efforts to optimize the nation’s natural resources.
By empowering this Ghana National Petroleum Corporation (GNPC) subsidiary, the Energy and Green Transition Ministry demonstrated its strategic vision and determination to transform the mining sector into a pillar of sustainable economic development.
While the newly constituted Board embarks on its mandate, the mining and extractive industry eagerly awaits the positive impact Prestea Sankofa Gold Limited (PSGL) will have on job creation, value addition, and the overall growth of Ghana’s natural resources landscape.
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