Enforce regulations in extractive sector to attract financing – Akamboe

Head of Mining and Metals at Stanbic Bank, Juliet Sheiddy Akamboe, has called on policy makers and regulators in the extractive industry to enforce regulatory and policy framework, especially within the mining sector, to attract financing for local content.

According to Juliet Sheiddy, the growth of the mining sector has stalled because the sector lacks an effective framework that regulates the activities of personnel involved in the local mining value chain, making it difficult for financial institutions to support local enterprises that want to undertake big ticket projects.

Speaking on Raising Capital and Financing of Mining Projects at the 12th West African Mining and Power Conference in Accra, Ms Akamboe said, Stanbic Bank’s participation in the conference is to bring to bear the Bank’s expertise and see how best to work together with the mining sector to promote sustainable and responsible mining for Ghana’s growth and the growth of the African continent.

“We at Stanbic Bank call Africa our home and we drive her growth – it translates into the growth of Ghana and we would have to drive Ghana’s growth. For us as a bank, leading that growth of the mining sector will facilitate the growth of other sectors like manufacturing, education, ICT, and many other areas of national development. As a bank, it gives us joy to know we are making impact everywhere we go. We are over 155 years because we believe in sustainability for the economic liberation of the continent, as we demonstrate our expertise,” she stated.

“It is very clear that our purpose is to drive our natural resources. We have a long history of mining as a group. Financial services have played a critical role in the boom of mining in South Africa and the growth of its economy. Our job is to get down to the aid of the contractors and suppliers to help them grow”, Ms Akamboe added.

Ms. Akamboe contrasted Ghana’s mining sector with that of South Africa. According to her, proper and effective regulatory framework in the extractive sector in South Africa has proved valuable their economy whereas in Ghana there are no proper structures to regulate the sector.

According to Ms Akamboe “Over the years, South Africa has seen a major boom in their economy through the advancement of their mining sector as compared to Ghana, owing to efficient regulatory policies, though both countries have done mining for over 90 years. This is because, the mining value chain in Ghana has not been trapped locally for the growth of the economy. The personnel involved in the mining value chain across board have different needs – there are no proper governance structure that aligns these personnel at their various points of needs for the market”.

The West African Mining and Power Conference provides an international platform for senior government and industry heads and influencers to discuss regulations, policies, legislation, challenges and market developments within the mining and power sectors. The conference is attended by industry stakeholders and influential decision-makers with an interest in the Mining and Power Sectors in West Africa.