Ghana, Canada must leverage on rich historic, cordial relationship to promote investment in extractive industry - Jinapor

The Minister for Lands and Natural Resources, Samuel Abu Jinapor, reiterated the pivotal role of the Canada-Africa Chamber of Business in enhancing bilateral and trade relations between Ghana and Canada, particularly the extractive sector.

Delivering an address at the 25th annual African Mining Breakfast and the 22nd annual Investing in African Mining Seminar held In Toronto, Canada on Tuesday, March 5, 2024, Jinapor shed light on the historically rich relationship between Ghana and Canada, noting that the time has arrived for the two countries to ramp up the collaboration with investment in Ghana’s extractive sector as the focal point of the renewed relationship.

The lands minister touted the summit as well as the Canada-Africa Chamber of Business as major platforms for the promotion of investment in Ghana’s mining sector.

“We must leverage on this cordial relations to promote business and trade between Canada and African countries. That is why the work of Canada-Africa Chamber of Business and this Seminar are very consequential; for there is no better sector to promote trade and business than the extractive sector, which has proven to generate significant rent for its owners and stakeholders,” he said.

In his bid to woo investors to Ghana’s thriving extractive industry, Jinapor touched on the various components of the Ghanaian mining architecture that makes the country a ‘welcoming’ destination for investors.

“A welcoming investment climate should include appropriate policy, legislative, institutional and fiscal framework, and Ghana, the beacon of democracy in Africa, is reputed in this area.

“Our modern-day lives depend, largely, on minerals and mining, which provide the components for the manufacturing industry. And this has become even more profound as the world works towards a green energy transition. Fortunately, we in Africa, apart from our mineral endowment, have created a common market, through the African Continental Free Trade Area (AfCFTA), headquartered in Ghana’s vibrant capital city of Accra, with a market of over one point two billion (1.2billion) people.

"Africa’s mineral endowment places the continent in a unique position, particularly on this journey towards green energy. I am hopeful that this Breakfast and Seminar will renew the cordial relations between Africa and Canada, and encourage more businesses to invest in Africa’s mining industry, and, of course, my country, Ghana, the leading producer of gold in Africa, and the undisputed mining hub of the continent,” he said.

He also took time to explain Ghana’s tripartite mineral harnessing policy to the investors, noting that the government’s commitment to the successful implementation of the policies has opened up a myriad of investment opportunities in the extractive industry.

“To realise the goal of IGF and the Africa Mining Vision, of utilising our mineral resources for sustainable development, and to ensure that these resources benefit our people and investors, equitably, the Government of Ghana, under the leadership of President Akufo-Addo, is promoting three main policies within the mining industry.

“Firstly, diversification of our mineral resource base to exploit the range of minerals that can be responsibly and viably mined. Secondly, beneficiation and value addition to minerals mined in our country, to ensure a mutually beneficial situation for both Government and investors; and

“Finally, enhancing local content and local participation, to ensure that, while the interests of investors as our partners are upheld, Ghanaians, who are, by law, the owners of our mineral resources, also, benefit from the mining industry,” he added.

Delivering the keynote address at the event, Peter Marrone, Chairman and Chief Executive officer of Allied Gold Corporation, urged African governments to create opportunities in Africa as many investors the world over are looking up to Africa, stressing that "for over half of the world's population is in Africa which present a unique opportunity to invest."

He noted that Africa is a youthful population and the youthful population wants to be better and mining should represent the industry that presents the best opportunity and benefits across the board.

Touching on the Africa model with direct investment into the assets, he said that Africa cannot be overlooked and tasked investors to look for such benefits.

He also urged African governments to Keep their countries competitive to obtain the right investment including ensuring that mining companies maintain their interests.