UTILIZING GHANA’S GOLD TO PRODUCE MORE OPPORTUNITIES AND INCREASE VALUE LOCALIZATION.
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“MIIF seeks to invest along the value chain with emphasis on Ghanaian mining support services,” Mr. Koranteng stated in reference to gold.
With its investments, MIIF hopes to establish a mining ecosystem of opportunities. Notably, the gold mining industry directly and indirectly employs almost six million people. With this in mind, the MIIF has launched a US$60 million six-year investment initiative to bolster Ghana’s entirely indigenous small-scale mining industry, which accounts for up to 40% of the country’s total gold production.
Nevertheless, the industry is still unregulated and rife with problems related to unlawful mining and the environment. The Small-Scale Mining Incubation Program (SSMIP), a project of MIIF, will help formalize the industry and produce junior mines in Ghana that are well organized. A strict screening process is used in the SSMIP to identify licenced small-scale mining businesses with verified reserves.
MIIF plans to invest equity in selected mines that meet well-thought-through criteria. The support includes corporate governance structures, the provision of machinery and other capital items, the provision of working capital, the provision of technical support for efficient mining, and the provision of market access or offtake through the MIIF Gold Trade Desk.
The long-term objective is to take these small-scale companies public through the alternative exchange of the Ghana Stock Exchange. This is the vision of President Nana Akuffo Addo for this important sector. The President charges us to support the small-sector in a revolutionary manner, which would lead to the creation of local Ghanaian mining champions.” Mr. Koranteng emphasised.
