The Embassy of the Republic of Korea has organised the 2023 Korea-Ghana Energy Cooperation Seminar on Thursday, 30th November, 2023 in Accra.
The seminar aimed at exploring ways Korea and Ghana can cooperate in the energy and mining sectors, and establish the network between the Embassy and Ghanaian officials in the mining Sub-sector.
In an elaborate presentation, Mr. Benjamin Aryee, Advisor on Mining to the Minister on behalf of the Sector Minister, Hon. Samuel A. Jinapor, presented on the theme, “Current Situation and Policy of Ghana’s Mineral Industry”.
Taking participants through an overview of Ghana’s mining sector and contributions of the sector to the economy, he said the sector serves the economy with an average of 7.9% of GDP, with 7% from gold alone.
Mr. Aryee also highlighted on the framework for managing mining and other key legislation such as the Minerals Development Fund Act, 2016, the Minerals Income Investment Fund Act, 2018 among others.
The Advisor on Mining gave participants an idea of some attractive incentives for investors who wish to mine in Ghana. He stressed that availability of Geo-scientific information, Political stability and support for mining and a robust legal & fiscal regime supportive of mining investment is relevant to motivate prospect investors.
Mr. Benjamin Aryee remarked that the effective management and regulation of the Sector will facilitate linkages between mining and other sectors for economic development and enhance the sustainability of mining.
Mr. Seidu Alidu, Principal Geologist with the Ghana Geological Survey Authority (GGSA) also presented on the Current Situation and outlook of Ghana’s Mineral Resources.
In his brief on Ghana’s minerals, he made known of Ghana’s traditional focus on the production and exportation of old production of gold, manganese, bauxite and Diamond which aims at improving local participation and value addition.
Mr. Alidu noted the concerted efforts to explore industrial energy, and other economic minerals like the lithium, iron ore, limestone and others.
Speaking on the outlook of Ghana’s Mineral Resources, the Principal Geologist stated that given appetite of the World market for minerals such as manganese, bauxite and lithium, Ghana is in strong position for future growth.
He said, inspite of GGSA’s challenges in its search for minerals they will continue to explore for additional minerals other than gold to assist in the mineral diversification of the mining industry.
On his part, Mr. Bubune Kofi Sorkpor, Chief Investment Officer with the Minerals Income Investment Fund (MIIF) outlined the market outlook for critical minerals in Ghana & investment opportunities.
He spelt out MIIF’s strategic positioning and its investment and Minerals diversification on Gold, Lithium, Salt, Quarries, Graphite and Limestone with about 10 billion dollars invested in mining projects in the country in the past decade.
The Chief Investment Officer said MIIF as an evergreen Fund, has co-investment opportunities that affords other market players de-risking mechanisms.
Some participants present at the Seminar were the Deputy Korean Ambassador, Mr. Moon Dong Kyu and the Korea Trade- Investment Promotion Agency(KOTRA) Director, Mr. Kim Young Sang were also given the opportunity to ask some questions.
