The Deputy Minister for Lands and Natural Resources, George Mireku Duker, has expressed the need for Africa to have a say in gold pricing.
According to him, it is essential that African countries who produce gold for export are given fair ground to determine the worth of their products.
Speaking in Cairo, Egypt for the 2023 Egypt Mining Forum and contributing to a panel discussion on how African countries can rake in enough benefits from their resources, Mr Duker emphasized the need for major mineral producers on the continent to come together and deliberate on how to price their commodities.
“As established on the African Continental Free trade area, I believe as a continent, we have to work together to deepen our relationship. In doing so, we must also recognize that not less than 30% of our natural resources as far as our continent, is concerned.”
George Mireku Duker
Furthermore, the Deputy Minister revealed that in 2021, Ghana produced not less than 22.2% of total gold produced in the world. He, however, cautioned that working around, if the continent is not careful and “if we do not thread cautiously, prosperity will not forgive us”.
Also, Mr Duker indicated that “investors must not be seen as someone coming to exploit and go but someone coming in for a win- win situation”.
The two-day seminar scheduled for July 18th to 19th 2023 seeks to provide a platform for policymakers and stakeholders to deliberate on creating strategies for the mining industry to make noteworthy contributions to various economies.
It will be recalled that last month, Ghana regained its status as the largest gold producer on the African continent, surpassing South Africa. The country experienced a remarkable 32% surge in gold production last year, marking a significant rebound after a notable decline in output.
In 2021, Ghana yielded its leading position to South Africa due to a sharp drop in production levels.
However, the tables have turned, with Ghana’s gold output soaring to 3.7 million ounces in 2022, up from 2.8 million ounces the previous year.
Lands ministry in talks on industrial decarbonization
Meanwhile, the Minister for Lands and Natural Resources, Samuel Jinapor and the Minister for Energy Hon. Dr Mattew Opoku Prempeh, has joined the UK Minister of State for International Trade, Hon. Nigel Huddleston MP, and other Ministers at the UK-Africa Ministerial Roadshow on Industrial Decarbonization, taking place in London, United Kingdom, at the invitation of the UK government.
According to the International Energy Agency (IEA), the industrial sector continued to be the second largest source of carbon dioxide emissions in the world after power generation last year, contributing around nine gigatonnes of emissions to the global energy system.
Therefore, decarbonizing the industrial sector is essential to our effort to reach net zero, and President Akufo-Addo’s administration is still completely committed to doing so.
Mr Jinapor, on his part, shared Ghana’s experience with industrial decarbonization during a panel discussion with ministers from Mauritius and Ethiopia.
He focused particular on the mining industry, discussing the country’s policies for energy-efficient mining practices, sustainable and responsible exploitation of mineral resources, the use of renewable energy sources and cutting-edge mining techniques, as well as responsible ecosystem management for climate action.
He further discussed potential in Ghana’s mining sector with investors, including those in exploration, refinement, downstream production, and mine support services.
“The Akufo-Addo government is steadfastly devoted to playing it part in the battle against climate change through efforts in mining, forestry, and land use, despite the fact that we are among the least responsible contributors to the problem. In order to achieve net zero, Government will keep working with all stakeholders for the sustainable exploitation of our natural resources. Mining and sustainability do not have to coexist in conflict.”
Samuel Jinapor
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