EconomyNews Letter

MIIF: Steven Ackah proposes establishment of exploration fund to unlock Ghana’s mineral wealth

Steven Blessing Ackah, the Executive Director of the Monaco International Investment Forum (MIIF), has advocated for Africa, with a focus on Ghana, to establish an exploration fund aimed at fully harnessing its abundant mineral wealth.

During the MIIF event on Friday, March 15, 2024, in Monaco, Mr. Ackah highlighted that despite Ghana’s extensive mineral resources and deep-rooted mining heritage, local involvement in the mining sector remains constrained.

Mr. Ackah proposed the creation of an exploration fund to encourage local individuals and entities to engage in exploration activities actively.

Ackah elaborated that the fund would serve as a financial catalyst, drawing interest from both local and international investors to engage in exploration projects.

He emphasized that the fund would play a crucial role in attracting investment in new critical minerals. Ackah noted that exploration companies are increasingly inclined to invest in national funds to distribute risks and equity.

However, Mr. Ackah stressed that the success of the fund hinges on a strong government commitment to creating a conducive regulatory environment.

He called for clear policies, transparent licensing processes, and stringent environmental safeguards to attract investors and ensure responsible mining practices.

“The establishment of an exploration fund in Africa should be accompanied by a strong commitment from the government to create a conducive regulatory environment. Clear policies, transparent licensing processes, and stringent environmental safeguards are essential components to attract both local and international investors to participate in exploration activities.”

While acknowledging challenges such as financial limitations, technological disparities, and environmental obligations, Mr. Ackah underscored Ghana’s capacity to spearhead sustainable mining practices through fostering local involvement and embracing technological innovations.

“Ghana can position itself as a leader in responsible and sustainable mining practices by fostering local participation, mitigating risks, and embracing technological advancements. The commitment to invest in exploration activities addresses historical challenges and paves the way for a more inclusive and prosperous mining industry that benefits all stakeholders.”

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