The Ghana Chamber of Mines has released US$2 million as the second tranche of its Tertiary Education Fund to the University of Mines and Technology (UMaT).
This initiative aims to bolster research grants and develop infrastructure, ultimately enhancing local participation in the mining industry.
Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney, made the announcement during the inauguration of the Association of Local Mine Contractors, Ghana. The event took place over the weekend at Ntotroso-Gyedu in the Ahafo Region.
The newly established association comprises local contractors who engage in subcontracts with major mining companies, including Newmont Ghana Gold Limited. Its primary mission is to advocate fair policies and create more opportunities for local businesses within the mining sector.
Koney emphasized the vital role local contractors play in the industry. “Local contractors are indispensable in providing essential services such as drilling, blasting, haulage, equipment maintenance, site preparation, and infrastructure development,” he stated.
The mining industry significantly impacts Ghana’s economy, contributing 10% to the nation’s GDP and generating 50% of total export revenues in 2024. Additionally, in 2023, the sector yielded GH₵11.5 billion in taxes, representing 23% of domestic revenue and 9% of government revenue.
As the mining sector evolves, initiatives such as the Tertiary Education Fund and associations dedicated to local contractors signify a pivotal shift toward empowering local businesses and promoting a more sustainable and inclusive mining industry in Ghana,” Koney added.
Alex Kwame Boapong, President of the Association and CEO of Alexiboam Company Limited, expressed gratitude to Newmont for supporting local contractors with contract awards.
He urged the government to acknowledge the invaluable contributions of local contractors and provide them with greater opportunities to combat unemployment and address the challenges posed by illegal mining.