The Mineral Income Investment Fund (MIIF) has held a crucial meeting with the Ministry of Lands and Natural Resources to apprise the Ministry of the intricacies and processes involved in the full implementation of the Gold Trading Program.
The meeting was Chaired by the Deputy Minister in charge of Mines, George Mireku Duker, and saw officials from MIIF, led by the Chief Executive Officer Mr. Nana Yaw Koranteng, elaborate on the myriad of benefits the country could accrue from the Gold Trading program.
Also, in a presentation made by Mr Koranteng and Bubune Sorkpor, the Chief Investment Officer of MIIF, it came to light that the objective of the Gold Trading Program is to position Ghana as a gold trading hub in the sub-region, formalize the small-scale gold mining sector and be a vehicle for providing significant foreign exchange supplies for major government policies without compromising the value of income accruing to the Country.
Mr Koranteng revealed that the process entailed in the Gold Trading Program will see MIIF purchase gold and other mineral resources from licensed aggregators who will assay the gold in accordance with industry standards.
MIIF to insure minerals transported
On his part, Dr. Sledge Duodu, the Chief Executive Officer of Goldridge company Ltd, indicated that the Minerals will be insured and transported by armoured bullion vans and will be sent to the office of the Precious Mineral Marketing Company (PMMC) where it will be assayed for the final time.
Throughout the process, from the aggregators to the PMMC’s office, he explained that the protective presence of officers from the Ghana Armed Forces will be activated to ward off potential robbery and also secure the Minerals from potential theft.
In a bid to ensure the success of government’s ‘Gold For Oil’ initiative, an agreement has also been reached with the Bulk Oil Distributing Companies that requires them to purchase foreign currencies for the purchase of oil products from MIIF at mutually-convenient rates.
This arrangement will enable the BDC’s get their products at quite affordable rates which will positively impact the pricing of their product on the Ghanaian market and eventually inure to the benefit of the average Ghanaian as it will result in some stability and reduction in prices of oil products.
Following the presentation, Mr Mireku Duker made way for others to raise questions and concerns on the platform. The MIIF team led by its CEO addressed the pertinent issues raised by the Ministry’s Officials and assured that the Gold Trading Program will serve the interest of Ghana.
Meanwhile, the Ministry of Lands and Natural Resources in collaboration with Ghana Gold Expo Foundation and the Western Regional Coordinating Council has announced this year’s Ghana Mining Expo at the Takoradi Club House (Western Region).
The EXPO provides a multi-sectoral platform for the sharing and exchange of ideas, opinions, and thoughts on the investment opportunities and challenges in the Africa Gold sector, aimed at implementing strategies for accelerated growth in mining in addition to assuring resilience on all fronts and at all times as Africa’s economic bedrock.
The forum will afford a formal dialogue among accredited representatives of stakeholders (Government, both local, national and international) on the most critical environmental issues, Investment Capital, Intelligence and Investment Ideas, Indicators to Measure wellbeing in Mining communities, ASM Gold Formalization and Central Bank Domestic Purchase Program in Africa, Mining Investment.
Additionally, it will assess challenges of raising ESG Standards in Ghana, CSR and The Finance Master class for Small Scale and Community Mining and collate views and produce action plans to drive a regional-based commitment towards an accelerated mine tailing development (mining) by mitigating risks and turning challenges into opportunities.
The 3-day conference will Investment Capital, Intelligence and Investment Ideas, Indicators to Measure Well – being in Mining regions, ASM Gold Formalization and Central Bank Domestic Purchase Program in Africa, Mining Investment and the challenges of raising ESG Standards in Ghana, CSR and ESG legal framework and lastly The Trade and Finance Master class for Small Scale and Community Mining.
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