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President Nana Addo Dankwa Akufo-Addo expressed concern that Ghana’s involvement in resource ownership remains at a basic level, with little progress beyond that. He emphasized the necessity of deliberately establishing major mining companies owned by locals.
Speaking on Friday, 3rd May, 2024, during the groundbreaking ceremony for the Minerals Income Investment Fund Technical Centre at the George Grant University of Mines and Technology in Tarkwa, the President underscored the importance of equipping the youth with mining-related education, research, and innovation skills.
In 2018, President Akufo-Addo committed to enhancing Ghana’s mining sector by directing royalties and dividends from the sector into a fund. This initiative led to the establishment of the Minerals Income Investment Fund (MIIF) in line with the Minerals Income Investment Fund 2018 (Act 978).
The MIIF has since become one of the world’s fastest-growing mineral sovereign funds, managing assets worth approximately US$1 billion. It has made equity investments in various mining companies and initiatives, fostering the development of fully Ghanaian-owned gold mining companies.
President Akufo-Addo lamented Ghana’s limited participation in the ownership and value chain development of its gold resources, despite being Africa’s leading gold producer.
“The gold standard of development everywhere in the world is for the indigenous population to participate in ownership, funding, value chain development and other tertiary activities, such as gold trading and listing on the stock markets, amongst others. Sadly, we are now playing at the very primary level of owning the resources, and nothing more significant after that,” the President bemoaned.
He emphasized the need for Ghana to create its own major mining companies, highlighting the responsibility of MIIF and its partners, including the George Grant University of Mines and Technology, in achieving this goal.
Touching on Ghana’s gold ownership trajectory, he stated that, “we have learnt to mine gold enough; we have learnt to encourage global firms enough through the provision of management expertise; and we now have to learn to create and grow companies that can also go global. And I see this to be the responsibility of MIIF and all its partners, especially the George Grant University of Mines and Technology.”
“The charge is to develop a symbiotic relationship that leverages the knowledge of the University by the Fund to achieve this end. It is not a matter of whether this is feasible. It is rather a matter of it being done by any means necessary. If you will it, you will find the way.”
The President reiterated his government’s commitment to creating an enabling environment for Ghanaian-owned firms to thrive in the minerals sector, emphasizing the importance of local wealth creation for national development.
The MIIF Technical Training Centre, with its advanced jewellery training facilities, aims to revive the art of jewellery making and develop skilled jewellers capable of promoting Ghana as a jewellery hub for Africa.
“Through the construction of this Centre, the expected deliverable is that a new breed of jewellers will be trained here. They will be imbued with the requisite training to become very good jewellers, who will also be trained in how to build businesses, and, equally importantly, who will be given the skills that will ultimately turn Ghana into a jewellery hub for Africa. Any visitor to the country should demand Ghana’s gold jewellery, in the same way our kente has become a referential souvenir for every tourist.”
Expected to be completed in eight months, the Centre will feature a 500-seater auditorium, a library, and offices to support practical training programs in metal smithing, jewellery technology, and hallmarking of jewellery to international standards.
President Akufo-Addo expressed confidence that the Centre would not only benefit students and faculty but also contribute to advancements in the mining industry and provide cutting-edge training and research facilities.
He urged stakeholders to prioritize the development of a symbiotic relationship between the University and the MIIF to achieve the shared goal of promoting local ownership and value addition in the mining sector.
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