The Executive Director of Ghana Gold Expo, Dr Steven Blessing Ackah, has called for the establishment of a new exploration fund in Africa, describing it as a pivotal step in unlocking the full potential of its mineral wealth.
According to him, the establishment of the exploration fund under MIIF is paramount, not only to spur economic development but also to address historical challenges and ensure inclusive participation.
He said this at the Monaco International Investment Forum (MIIF), in Monaco, on March 15, themed “Unlocking Africa’s Mineral Wealth and Alternative Financing for Exploration”. The conference brought together stakeholders in the global mining industry.
Ghana’s gold resources, in particular, have fueled its economy for centuries. Despite this wealth, there has been a recurring challenge of limited local participation in the ownership and benefits of mining ventures.
To rectify this historical imbalance and empower Ghanaians, Dr Ackah said a new exploration fund is crucial for the new critical minerals as developed exploration companies, mergers and ventures prefer to invest in national funds in order to share risk and equity.
Foreign entities, he indicated, should see the importance of local content and, thus, ensure Ghanaians participate in the stakes of this burgeoning industry.
He further hinted that plans are underway to bring eight African countries to join one of the finest Precious Stone and exploration Fund in Europe.
He added that, in view of the lithium market, African governments and investors need to commit to exploration based on confirmed pegmatite bodies identified, proposing an amount of 1 billion dollars.
