{"id":718782,"date":"2019-10-08T12:20:40","date_gmt":"2019-10-08T12:20:40","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/08\/grow-local-participation-in-mining-industry\/"},"modified":"2019-10-08T12:20:40","modified_gmt":"2019-10-08T12:20:40","slug":"grow-local-participation-in-mining-industry","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/08\/grow-local-participation-in-mining-industry\/","title":{"rendered":"\u2018Grow Local Participation In Mining Industry\u2019"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>President Nana Akufo-Addo<\/strong><\/p>\n<p>PRESIDENT AKUFO-Addo<br \/>\nhas expressed worry about the low local participation in the country\u2019s mining<br \/>\nindustry.<\/p>\n<p>Speaking at the<br \/>\ninauguration of the Governing Board of the Minerals Income Investment Fund<br \/>\n(MIIF) at the Jubilee House recently in Accra, the president wondered why after<br \/>\na century of mining in Ghana, there was no significant Ghanaian local domestic<br \/>\nplayer in the industry. <\/p>\n<p>Indicating that<br \/>\nsuch a situation was not good enough, he said \u201cthe monetization of the mineral<br \/>\nroyalties will raise enough funds upfront to support the government\u2019s development<br \/>\nagenda and also help boost the development of local players in our mining<br \/>\nindustry.\u201d<\/p>\n<p>The fund is<br \/>\nintended to receive minerals, royalties and other related income that are due<br \/>\nthe republic from the various mining companies and provide for the management<br \/>\nof these funds.<\/p>\n<p>It would also<br \/>\ncreate a special purpose vehicle that would be called Asaase Royalties, to<br \/>\nraise cash up to half a billion dollars, by selling up to 49 per cent stake<br \/>\nAsaase Royalties through and Initial Public Offering (IPO), which is going to<br \/>\nbe listed on the London Stock Exchange and on the Ghana Stock Exchange.<\/p>\n<p>President<br \/>\nAkufo-Addo therefore charged the first governing board of the newly established<br \/>\nMIIF to use the financial resources entrusted to them to raise indigenous<br \/>\nplayers in the mining sector which has hitherto been dominated by international<br \/>\ncorporations.<\/p>\n<p>\u201cHopefully, this<br \/>\nfund, when properly managed and selectively invested, will over the period of<br \/>\ntime erase that image and give us a new architecture in the mining industry<br \/>\nwhich includes significant Ghanaian players,\u201d he said, insisting \u201cit shouldn\u2019t<br \/>\nbe the case that Newmont, Anglogold Ashanti and all these others are the only<br \/>\nplayers in the Ghanaian industry.\u201d<\/p>\n<p>Chairman of the<br \/>\nMIIF Governing Board and Member of Parliament (MP) for Tarkwa-Nsuaem, George<br \/>\nMireku Duker, speaking on behalf of his colleagues, thanked the President for<br \/>\nthe confidence reposed in them and pledged to live up to expectation whiles \u201cSouth<br \/>\nAfrica for example, has developed because the mining companies there are owned<br \/>\nby South Africans, Ghanaians are lacking in this perspective and that is why<br \/>\nyour vision to ensure that the local content aspect of this field is really<br \/>\nmoved by this board and we are going to go by that charge,\u201d he assured.<\/p>\n<p>Other members of<br \/>\nthe Governing Board are the CEO of MIIF, Yaw Baah; Felicia Ashley, representative<br \/>\nof the Ministry of Finance; Dr. Maxwell Opoku-Afari, Deputy Governor of the<br \/>\nBank of Ghana; Amishaddai Owusu \u2013 Amoah, Commissioner for Domestic Tax Revenue<br \/>\nDivision of GRA; Naana Dufie Addo, President\u2019s nominee; Kow Essuman,<br \/>\nPresident\u2019s nominee, and Antoinette Kwofie, also a nominee of the President.<\/p>\n<p>A ninth member who<br \/>\nis supposed to be a representative of the Ministry of Lands and Natural<br \/>\nResources is yet to be appointed.<\/p>\n<p>According to the<br \/>\nMinerals and Income Investment Fund Act, 218, (Act 978), the Act is to<br \/>\nestablish a fund to manage the equity interests of the Republic of Ghana in<br \/>\nmining companies, to receive mineral royalties and other related income due the<br \/>\nrepublic from mining operations, to provide for the management and investment<br \/>\nof the assets of the fund and for related matters.<\/p>\n<p>The Act was endorsed by the president on the 3rd of December, 2018, after it was passed into law by Parliament.<\/p>\n<p> <strong>By Charles Takyi-Boadu, Presidential Correspondent <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Nana Akufo-Addo PRESIDENT AKUFO-Addo has expressed worry about the low local participation in the country\u2019s mining industry. Speaking at the inauguration of the Governing Board of the Minerals Income Investment Fund (MIIF) at the Jubilee House recently in Accra, the president wondered why after a century of mining in Ghana, there was no significant [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":701338,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-718782","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u2018Grow Local Participation In Mining Industry\u2019 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/10\/08\/grow-local-participation-in-mining-industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"\u2018Grow Local Participation In Mining Industry\u2019 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"President Nana Akufo-Addo PRESIDENT AKUFO-Addo has expressed worry about the low local participation in the country\u2019s mining industry. 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