MIIF: Steven Ackah advocates for exploration fund to unlock Ghana’s mineral wealth

Steven Blessing Ackah, the Executive Director of Monaco International Investment Forum (MIIF), has urged Africa, particularly Ghana, to establish an exploration fund to unlock the full potential of its mineral wealth.

Mr. Ackah, speaking during the MIIF event on Friday, March 15, 2024, in Monaco, pointed out that despite Ghana’s rich mineral resources and long mining history, local participation in the mining sector has been limited.

Mr. Ackah proposed the creation of an exploration fund to encourage local individuals and entities to engage in exploration activities actively.

He explained that the fund would act as a financial catalyst, attracting both local and international investors to participate in exploration ventures.

According to Ackah, the fund would be particularly important for attracting investment in new critical minerals. Exploration companies, he said, increasingly prefer to invest in national funds to share risks and equity.

However, Mr. Ackah stressed that the success of the fund hinges on a strong government commitment to creating a conducive regulatory environment.

He called for clear policies, transparent licensing processes, and stringent environmental safeguards to attract investors and ensure responsible mining practices.

“The establishment of an exploration fund in Africa should be accompanied by a strong commitment from the government to create a conducive regulatory environment. Clear policies, transparent licensing processes, and stringent environmental safeguards are essential components to attract both local and international investors to participate in exploration activities.”

Despite highlighting challenges such as financial constraints, technological gaps, and environmental responsibilities, Mr. Ackah emphasized Ghana’s potential to lead in sustainable mining practices by promoting local participation and embracing technological advancements.

“Ghana can position itself as a leader in responsible and sustainable mining practices by fostering local participation, mitigating risks, and embracing technological advancements. The commitment to invest in exploration activities addresses historical challenges and paves the way for a more inclusive and prosperous mining industry that benefits all stakeholders.”