The Minister for Lands and Natural Resources, Samuel Abdulai Jinapor has called on stakeholders to invest in Ghana as the country is the “number one mining destination of Africa” and the undisputed mining hub of Africa.
The Minister highlighted Ghana’s mining legacy, spanning over a century, emphasising the diverse mineral wealth the country possesses, including gold, diamond, bauxite, manganese, lithium, iron ore, copper, zinc, nickel, chrome, lead, and salt.
He made this call whilst delivering a speech at the 30th anniversary of the Investing in African Mining Indaba held at Cape Town, on February 5, 2024
Underlining Ghana’s gold production leadership on the continent, he asserted the production of 4 million ounces last year, with plans for expansion and the additional production of three new gold mines in the country.
We have three new gold mines currently under construction, one by Newmont in the middle belt of the country, and two in Northern Ghana, by Cardinal Namdini and Azumah Resources, with Cardinal Namdini’s Project expected to pour its first gold this year.
“With these new mines, and the expansion of existing ones, we expect to increase gold output to some 4.5 million ounces annually,” he explained.
The Minister revealed that despite the notion that gold was exclusive to the southern part of Ghana, new gold deposits were identified in the Savannah Region, and therefore invited investors to join in the exploration of this promising frontier, in Ghana known as the “Dollar Power.”
Jinapor also detailed Ghana’s commitment to value addition in mineral resources, showcasing a new 400kg capacity gold refinery. Fruitful discussions with South Africa’s Rand Refinery were disclosed, indicating progress toward securing a London Bullion Market Association (LBMA) certification.
Beyond gold, Ghana is strategically leveraging over 900 million metric tonnes of bauxite resources to build an integrated aluminum industry,” he said.
The Minister highlighted initiatives, such as the construction of a $450 million manganese refinery and the establishment of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) to harness iron ore resources for an integrated iron and steel industry.”
Addressing the lithium market, the Minister affirmed Ghana’s commitment to value addition, echoing a firm stance against the raw export of lithium resources. This commitment he added aligns with Ghana’s Green Minerals Policy, aiming to contribute to the global green energy transition.
And if we have not said it loud enough, permit me to repeat, Ladies and Gentlemen, under no circumstance will we export our lithium resources in their raw state,” he stressed.
The Minister underscored Ghana’s dedication to using mining as a catalyst for sustainable development.
The policy and legislative reforms since 2017 have prioritised efficient exploitation, environmental protection, value addition, local content, and local participation. The government aims to shift from the traditional “dig and ship” model to a new era of beneficiation, ensuring optimal returns and investment security.
Highlighting opportunities across the entire mining value chain, the Minister emphasised the potential for exploration, mining, refining, processing, and downstream industries.
Ghana’s strategic location and the benefits of the Africa Continental Free Trade Area (AFCFTA) were presented as key advantages, enabling investors to use Ghana as a Launchpad to reach the broader African market.
Additionally, Jinapor in his address assured the global investor community of Ghana’s readiness for business, backed by a stable democracy and a progressive fiscal regime. Ghana, “the beacon of democracy in Africa,” offers an attractive investment destination with ease of access to geological information, transparent governance institutions, and highly skilled mining personnel.
Concluding his address, the call to action resounded. He encouraged investors from Africa and on the global scale to invest in Ghana, showcasing the country for its rich mining potential and inviting them to join in the exciting journey towards sustainable and mutually beneficial mining ventures.
