Ghana suitable destination for investment — Jinapor

Stable democracy, business environment and a shift in policy from mineral discovery to value addition have made the country the ultimate destination for investors, the Minister of Lands and Natural Resources, Samuel Abu Jinapor, has said. 

The initiatives are all aimed at “unleashing prosperity for our people in an environment that is equitable to all stakeholders, particularly investors,” he said.

Addressing participants at the country’s spotlight session at a Prospectors and Developers Association of Canada (PDAC) Convention last Tuesday, the minister said the government had set out to diversify the mineral resources by ensuring responsible and sustainable use of untapped minerals such as lithium.

He said the government viewed the green mineral as the cornerstone of the nation’s metal industry and was, thus, pursuing collaborations with the private sector to ensure its effective harnessing.

“Last year, Cabinet approved a policy for the exploitation and management of these minerals which include investment incentives and the assurance of optimal returns on investment.

“Based on this policy, we have granted a mining lease to Atlantic Lithium, a company listed on the Australian and London Stock Exchange to commence construction, subject to parliamentary ratification for the mining of lithium after the company completed exploratory works and feasibility studies.

“Available data shows large deposits of lithium from the northern part of the country to the south, and investors are welcome to partner with the government for the exploitation of these minerals,” Mr Jinapor said.

Mining hub

Touching on the theme, “Leveraging a century of mining to enhance value addition for the development of Ghana,” the minister said Ghana was already on the path to becoming the mining hub in Africa through the establishment of refineries that would add value to raw minerals.

“The second pillar is beneficiation and value addition to minerals produced in our country to ensure a mutually beneficial situation for both the government and investors.

“We have, therefore, established the Ghana Integrated Aluminium Development Corporation (GIADEC), and the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), both state agencies, to work with the private sector to promote and develop integrated aluminium and iron and steel industries in the country,” he further said.

The minister said the government was engaging mining companies in the country to employ more competent citizens while protecting the interests of companies.

“The final pillar is local content and local participation to ensure that Ghanaians who are by law owners of our mineral resources benefit from the mining industry. 

“We do this in a manner that is not detrimental to the interest of investors because we recognise that investors are our natural partners working towards the same goal for our collective benefit,” Mr Jinapor added.

Commendation

At a panel discussion aimed at showcasing Ghana's positive investment climate, some notable mining investors praised the country's rule of law, stable democracy, right regulatory regime and cordial relationships among stakeholders based on mutual respect and the expectation of equitable distribution of benefits.