Dr. Charles Gyamfi Ofori, Policy Lead for Climate Change and Energy Transition at the Africa Centre for Energy Policy (ACEP), has stressed the need for a collaborative effort among stakeholders, including government, the private sector, and civil society in positioning Ghana as a hub for mining support services in West Africa.
He recommended that the government should streamline its policy framework to support the growth of mining support services.
To position Ghana as a hub for mining support services, we need to streamline our policy framework, strengthen corporate governance, provide tailored financial products, and facilitate networking among stakeholders,” stressed Dr. Ofori in an interview after a validation workshop organized by the Ghana Chamber of Mines on how to position Ghana as a hub for mine support service in West Africa.
Additionally, he emphasized the importance of strengthening corporate governance systems, providing tailor-made financial products, and facilitating networking among stakeholders.
Dr. Ofori highlighted the vast potential of the mining services sector, which encompasses manufacturing, services, agriculture, and more.
Dr. Ofori also noted that Ghana can learn from other mining countries across the continent.
He cited the importance of building skills and technology transfer, attracting investment, and linking the manufacturing and industrial sectors to the mining sector.
Koney noted that Ghana is facing stiff competition from neighboring countries, particularly Cote d’Ivoire.
We are in a competitive space… Given what we know within the sub-region and what other countries are doing, we are not surprised at the outcome,” Koney said.
Koney highlighted the importance of harnessing the full potential of the mining value chain to sustain Ghana’s economy.
He stressed the need to think beyond the finite nature of mining and explore ways to grow other industries.
We want to be known as a manufacturing and mining support services hub for West Africa and even the larger continent of Africa,” Koney stated.
To achieve this goal, Koney called for a groundswell of interest from various stakeholders, including government, the private sector, and civil society.
He emphasized the need to implement the recommendations and findings of a recent study on Ghana’s mining competitiveness.
It requires that groundswell of interest from various stakeholders… We have to make sure that this subject is on the front burner,” Koney urged.
The ACEP team was tasked by the Ghana Chamber of Mines tobwork on a comprehensive report to explore the potential of Ghana’s mining support services sector. The report highlights the need for a robust industrial policy to support the growth of the sector.
The study identified opportunities for Ghana to become a manufacturing and mining support services hub for West Africa.
To position Ghana as a hub for mining support services in West Africa, the report recommended the following:
– Examine the context of countries with successes in deploying mining support services and elicit lessons for Ghana
– Identify the range of physical and intangible inputs that can be competitively produced in-country by resident firms for mineral-producing companies in the country and the sub-region
– Address structural, legal, or financial inhibitions that could impede opportunities to optimise the mining inputs market for companies based in Ghana
– Leverage trade protocols at continental and subregional levels to establish Ghana as a hub for mining support services
– Outline a strategy for positioning Ghana as a hub for mining support services in West Africa, including the pivotal roles and initiatives of key stakeholders.
Koney noted that the chamber spent around $165,000 on the study, which he described as a “corporate social investment.”
We could have decided that we wouldn’t do anything about it… But the reality is that you want to be seen as a good corporate citizen,” Koney said.
As Ghana seeks to become a hub for mining support services in West Africa, it is clear that a collaborative effort will be required to achieve this goal. With the right policies and support in place, Ghana can unlock the full potential of its mining sector and drive economic growth.
Ghana’s mining sector is a significant contributor to the country’s economic well-being, directly contributing to government revenue through taxes, royalties, and dividends. In 2022, the mining sector’s direct domestic tax receipts amounted to approximately GHS 6.4 billion, representing about 16.6% of Ghana’s total tax revenue. The sector is also pivotal in boosting Ghana’s foreign exchange earnings, with gold forming about 39% of Ghana’s total merchandise exports between 2011 and 2022.