With the aim to boost efforts in making the country a mining hub on the continent, Mr. Samuel Abu Jinapor – the Minister of Lands and Natural Resources has revealed four new mines expected to begin operations in the next two and half years.
The minister during a press briefing in Accra divulged that Ghana – currently Africa’s leading gold producer and sixth in the world, is looking to add the Ahafo North Mine – to be operated by Newmont Africa; Cardinal Resources Mine at Talinsi in the Upper East Region; and Azumah Resources in the Nadowli-Kaleo district of the Upper West Region. “The fourth company, which has not been disclosed, will operate a lithium mine at Ewoyaa in the Mfantseman municipality of the Central Region,” he said.
According to Mr. Jinapor, the country exported gold worth US$6.6billion in 2022 – up from US$5.08billion in 2021, but lower than the US$6.77billion recorded in the previous year.
The new mines, he said, when operationalized will further cement Ghana’s position as a leading producer of the precious yellow metal and boost state earnings from mining in the face of recent downturns in economic activity.
Commenting on the lithium mine, the minister communicated that government is putting in place a different structure for exploitation of ‘green mineral’ to ensure the state makes the most out of it, adding that: “the plan is drawn from lessons learned over decades of gold mining, and is meant to ensure that the same mistakes of raw material exports are not repeated.”
Reviving The Mining Sector To Boost Government’s Revenue For Economic Development
More so, Mr. Samuel Abu Jinapor explained that the new developments in the mining sector – which are a considerable boost to government’s vision of making the country the preferred mining destination in Africa, are happening on the back of significant investments in exploration.
“There are also significant investments in the redevelopment and expansion of existing mines. After reviving the Obuasi Mine in 2019, the Bibiani Mine – which had been dormant for seven years has also been revived, and production started in October last year.
“Government expects the mines’ development to result in a significant increase of mineral production and government revenue.”
Mr. Samuel Abu Jinapor
To promote more investment in the sector, Mr. Jinapor further disclosed that government is conducting a general review of the Mining Policy adopted in 2014, and the Minerals and Mining Act that was passed in 2006. “This is intended to align the policies with current developments in the mining industry,” he noted.
Not limited to that, he also announced that the Minerals Commission has increased the number of items on the local procurement list of goods and services reserved for Ghanaians from 41 to 50 – for the year 2023. This, he explained, is part of the measures to promote job creation in the mining industry through the use of local expertise, goods and services.
The new additions, as stated by the minister, include provision of medical services at mine sites, construction and management of tailings storage facilities, assaying and motor rewinding.
“We have also increased the provision of financial, insurance and reinsurance services reserved for Ghanaians from 20 percent to a minimum of 60 percent. The provision of these goods and services by Ghanaians will ensure that we retain, here in our country, some US$3billion annually which would have otherwise been exported.”
Mr. Samuel Abu Jinapor
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