How Policy Reform is Strengthening Ghana’s Mining Industry
Ghana is revitalizing its mining sector through significant policy reforms that promote local content and investment. The forthcoming Mining in Motion (MIM) conference will spotlight these initiatives, including a ban on raw bauxite exports and the Green Minerals Policy, which enhance sustainability and attract investment. These reforms have resulted in increased project activity and economic opportunities within the industry.
Over the past decade, Ghana has implemented significant policy reforms aimed at enhancing its mining industry. These reforms focus on local content development, modernization of infrastructure and equipment, and attracting investments. Consequently, various projects have emerged in established markets such as gold, bauxite, manganese, and diamonds, alongside developing sectors like lithium and rare earth elements.
The forthcoming Mining in Motion (MIM) conference in Accra will gather policymakers, industry stakeholders, and global partners to discuss the transformational impact of these policies on Ghana’s mineral market. Presentations will cover updates on key projects while showcasing investment and collaboration opportunities.
In June 2024, Ghana will introduce a law to ban the export of raw bauxite, as stated by Minister of Lands and Natural Resources, Samuel Abu Jinapor. This move aims to capitalize on the estimated 900 million tons of bauxite reserves in the country by enhancing value addition, creating jobs, and generating revenue through the export of refined high-value bauxite products.
In August 2023, Ghana enacted the Green Minerals Policy designed to facilitate entry for players in the critical mineral industry and promote local content development. The policy also aims to position the nation within the global energy transition market by removing financial barriers. Notably, Atlantic Lithium Limited secured an environmental permit for its Ewoyaa Lithium Project in September 2024, with production anticipated to commence by 2026.
The Local Content and Participation Regulation of 2020 has mandated the engagement of Ghanaian expertise, goods, and services in mining. This legislation has attracted increased investment from international partners, promoting efficient project deployment and access to skilled labor. For instance, Electrochem Ghana Limited announced its intention to expand employment by 3,000 to increase its salt production capacity. Additionally, Zijin Mining Group is pursuing a $1 billion stake in Newmont’s Akyem Gold Mine, and Asante Gold Corporation is investing $525 million to enhance its gold operations in October 2024.
Ghana’s Equipment Tracking Regulations, established in 2020, have modernized mining infrastructure by monitoring the use of mining machinery. This initiative has improved operational efficiencies, leading to increased sustainability in mining practices. Consequently, revenues generated by the Minerals Income Investment Fund reached $1.02 billion in 2024, while Goldstone Resources experienced a 34% rise in gold production at the Homase Mine through infrastructure enhancement and mine expansion.
To keep abreast of advancements and engage with leaders in the mining sector, interested parties may secure their participation at the Mining in Motion 2025 Summit by visiting www.MininginMotionSummit.com. For sponsorship inquiries or delegate registration, please contact [email protected].
In summary, Ghana’s policy reforms are facilitating a revitalization of its mining industry through strategic initiatives focused on local content, modernization, and investment attraction. The upcoming MIM conference will serve as a platform to highlight these advancements while fostering networking and collaborative opportunities among various stakeholders. Notably, legislative measures like the ban on raw bauxite exports and the Green Minerals Policy are pivotal in advancing sustainable mining practices, positioning Ghana favorably within the global market.
Original Source: www.zawya.com
