Ministry of Lands and Natural Resources has engaged the Embassy of the Republic of Korea on the possible cooperation in Ghana’s mining sector at the 2023 Korea-Ghana Energy Cooperation Seminar.
The seminar aimed at exploring ways Korea and Ghana can cooperate in the energy and mining sectors and establish the network between the Embassy and Ghanaian officials in the mining Sub-sector.
In an elaborate presentation, Mr. Benjamin Aryee, Advisor on Mining to the Minister, and on behalf of the Sector Minister, Samuel A. Jinapor, presented on the theme: ‘Current Situation and Policy of Ghana’s Mineral Industry’.
Taking participants through an overview of Ghana’s mining sector and contributions of the sector to the economy, he revealed that the sector serves the economy with an average of 7.9% of GDP, with 7% from gold alone.
Furthermore, Mr. Aryee highlighted on the framework for managing mining and other key legislation such as the Minerals Development Fund Act, 2016, the Minerals Income Investment Fund Act, 2018, among others.
The Advisor on Mining gave participants an idea of some attractive incentives for investors who desire to mine in Ghana. He stressed that availability of Geo-scientific information, Political stability and support for mining and a robust legal & fiscal regime supportive of mining investment is relevant to motivate prospective investors.
Also, Mr Aryee remarked that the effective management and regulation of the Sector will facilitate linkages between mining and other sectors for economic development and enhance the sustainability of mining.
On his part, Seidu Alidu, Principal Geologist with the Ghana Geological Survey Authority (GGSA) presented on the current situation and outlook of Ghana’s Mineral Resources.
In his brief on Ghana’s minerals, he emphasized on Ghana’s traditional focus on the production and exportation of old production of gold, manganese, bauxite and Diamond which aims at improving local participation and value addition.
Mr. Alidu noted the concerted efforts to explore industrial energy, and other economic minerals like the lithium, iron ore, limestone and others.
Impact of Ghana’s mineral resources
Elaborating on the outlook of Ghana’s Mineral Resources, the Principal Geologist stated that given appetite of the World market for minerals such as manganese, bauxite and lithium, Ghana is in strong position for future growth.
He explained that, in spite of GGSA’s challenges in its search for minerals they will continue to explore for additional minerals other than gold to assist in the mineral diversification of the mining industry.
Wading in, Bubune Kofi Sorkpor, Chief Investment Officer with the Minerals Income Investment Fund (MIIF) outlined the market outlook for critical minerals in Ghana & investment opportunities.
He spelt out MIIF’s strategic positioning and its investment and Minerals diversification on Gold, Lithium, Salt, Quarries, Graphite and Limestone with about 10 billion dollars invested in mining projects in the country in the past decade.
The Chief Investment Officer stated that MIIF as an evergreen Fund, has co-investment opportunities that affords other market players de-risking mechanisms.
Some participants present at the Seminar were the Deputy Korean Ambassador, Mr. Moon Dong Kyu and the Korea Trade- Investment Promotion Agency (KOTRA) Director, Mr. Kim Young Sang were also given the opportunity to ask some questions.
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