The Vice President, Dr Mahamudu Bawumia has charged Central Banks in Africa to build up more gold reserves to minimise the situation where the precious minerals are exported or smuggled out of the host country with minimal benefit to communities.
Speaking at the 16th West Africa Mining and Power Exhibition and Conference, he said, there are a lot of opportunities that would benefit all stakeholders if Central Banks in the Sub -Region build more gold reserves as global crises continue to hit economies.
Dr Bawumia started the need for longer linkages in the mining sector that will see the establishment of more refineries to add value to minerals.
He called on the mining giants to work towards a mining index on the stock exchange.
Statistics show that after a strong growth in 2019, gold production in West Africa was affected by Covid-19 in 2020 due to the temporary suspension of mines in some countries on the continent.
Overall, the pandemic had a significant impact on African operations. Although production in Ghana fell by 7.5 per cent in 2020, the country experienced only a minimal impact on gold mining activities.
It is in this light that the Vice President, Dr Mahamudu Bawumia is calling on industry players to build gold reserves to stand the test of time during such global uncertainties.
Vice President Bawumia said the government is determined to establish a sound mining industry in Ghana that will promote sustainable development in the country.
He said it is important to strengthen all linkages in the mining sector from the pits to the refined products.
The Deputy Minister in Charge of Mines at the Lands and Natural Resources, George Mireku Duker in a remark, indicated that the Ministry will ”collaborate with stakeholders to ensure the nation benefits fully from natural resources”.
He reiterated the government’s commitment to nib illegal mining in the bud calling for the support of all.
He also spoke of land reclamation after mining.
President of the Ghana Chamber of Mines, Dr. Eric Asubonteng, said the focus of the Chamber is to position Ghana as a mining hub in West Africa.
Chief Executive Officer of the Ghana Chamber of Mines, Dr. Suleman Koney noted that the mining sector was not spared of the negative effects of Covid 19. However, industry players leveraged on the opportunities thereof to remain competitive.
The 16th annual West African Mining and Power Expo and Conference (WAMPEX)(WAMPOC), is the region’s largest mining and power business platform.
This year’s conference is on the theme “Driving sustainable investment opportunities in West Africa”.
