Ghana is Africa's premier mining investment destination - Armah Kofi-Buah

The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has described Ghana’s mining industry as Africa’s premier destination for investors.

According to the Minister, with adequate capital injection into the development of the industry, its potential could expand exponentially, considering the foundation being laid by the government.

Speaking at a meeting with captains of industry in China, specifically in Hong Kong and Beijing, the Minister touted the relevance of Ghana’s resource governance standards being championed by President John Dramani Mahama.

He highlighted the country’s gold production, which is currently performing creditably well, while noting that the capacity and potential of the mineral alone could expand Ghana’s mining industry exponentially.

Consequently, he said President John Dramani Mahama had tasked his Ministry to invite investors to join the country in unlocking the potential of its natural resources, supported by the right private-sector investment framework.

Apart from the abundance of natural resources, which he said was unquestionable, the Minister noted that Ghana had developed the required regulatory frameworks, provided national policy direction for the establishment of institutions, and set long-term goals aimed at improving value addition across all natural resources.

He indicated that the establishment of GoldBod, the National Anti-Illegal Mining Operations (NAIMOS) Secretariat, the review of mining laws, and the development of structural value chains, among other measures, had been undertaken by the government to reposition the country’s mining industry.

The Minister therefore called on Chinese and other international investors playing diverse roles in global capital markets to turn their attention and operations to Ghana.

“Our country is open for business. We are considered a top producer of gold in Africa,” the Minister said.

“Ghana was called the Gold Coast in the past because of our gold. The fact still remains that we have untapped gold resources that seriously require capital investment. This is going to unlock the potential of the resource, and investors, in return, would reap the benefits of their investments,” he said.

Administratively, he explained that the government of President John Dramani Mahama, upon assuming office, identified several loopholes in the management of Ghana’s gold and other natural resources by previous administrations and had therefore been working assiduously to provide credibility, predictability and certainty in the management of the resources.

“We are departing from the way things were done and how the resources were managed in the past. We were basically mining and taking away the resources to other countries without adding value to the commodity,” he stated.

On connectivity with other countries and institutions, as well as objectivity in managing the industry, Emmanuel Armah-Kofi Buah assured potential investors of the government’s determination to change the narrative.

“We are very open for business and would protect and project investors. But we would equally make sure that we are not shortchanged. We can concretise our business relations with a win-win situation,” he assured the Chinese investors.

On his part, the Chief Executive Officer of the Minerals Commission, Isaac Tandoh, explained the growing performance of Ghana’s mining industry and projected its trajectory, as well as the systematic synergies being created by the Ministry of Lands and Natural Resources to remove bottlenecks and ensure that the industry’s development and growth are sustainable.

The Director of Mines at the Ministry of Lands and Natural Resources, Kwame Ahoma, also touched on the availability of critical minerals and the evolving dynamics in the exploration and production of minerals in Ghana.

Ghana’s Ambassador to China, Ambassador Kojo Bonsu, who accompanied the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, and his delegation to the various meetings, said Ghana would benefit significantly from the introduction of various proposals by the Chinese investment community.

He said the Chinese investment community was eager to get involved in the mining industry but would require adequate support from all relevant institutions managing various sectors of the industry.

These include the Bank of Ghana, Minerals Commission, GoldBod and other relevant institutions, which he said could give impetus to the interest being shown by Chinese investors in Ghana’s mining industry.

During the three-day visit to the Asian country, Emmanuel Armah-Kofi Buah had the opportunity to meet members of various business groups in Hong Kong and Beijing.

They included the Chinese Gold and Silver Exchange Society, Hong Kong Precious Metals Traders Association Limited, Hong Kong Gold and Silver Ornament Workers and Merchants General Union, and Hong Kong Gold Exchange, among others.