Mining firms operating in the country could scale up their expenditure on locally manufactured products by 66 per cent in the next few years to $200 million annually, the Ghana Chamber of Mines has said.

“Based on data gathered by our Supply Managers, it could well be possible to increase our expenditure on Ghana manufactured products in the long term by 66 per cent, from around $120 million per annum to $200 million,” Dr Toni Aubynn, Chief Executive Officer of the Chamber, told the Ghana News Agency in an interview on the sidelines of the Buyers and Sellers Forum of Supply Chain Managers for the Mining Industry.

He said the multiplier effect of this growth on the economy would be many times more than incremental increase in direct expenditure, adding that, local companies would be in position to employ more people.

The Chamber in September 2011, signed a Memorandum of Understanding with the Minerals Commission and the International Finance Corporation (IFC) to boost local content.

A GAP analysis has been carried out to find ways of equipping local suppliers to be competitive to meet international standards.

Dr Aubynn said, the partnership had helped to shape the agenda and discussions on local content as well as help address concerns relating to product quality and continuity of supply.

He said there was the need for the partners to work together to develop the capacity of local suppliers, and gradually move to a phase where most of the needs of mining companies could be met within the local economy.

“We will need to work together with our partners to develop a capacity building and import substitution programme which will allow us to meet our objectives,” Dr Aubynn said.

He said it is in this direction that, the forum was a good ground to enhance the knowledge of local industries on the needs of the mining industry, open up access to information and opportunities available, to enable local industries share experiences with their foreign counterparts.

Dr Aubynn said the implementation of the local content would allow local industries opportunities to compete on the same terms as their foreign partners, benefit from training and transfer of technology to enable them meet standards required by mines

Besides, it would help in the integration of mining with the rest of the economy, and in the process help to maximise the country’s gain from mining operations.

Dr Aubynn called on all suppliers to join the Chamber in order to benefit from such capacity building, development and training efforts.

The Minerals and Mining Act 703 Section 105, enjoins mining companies to source materials, labour, products and services locally.

The objective of the forum is to ensure quality, cost-effective and efficient, transparent, and timely service delivery.

It is also to build the capacity of local industries within the Chamber by offering incentives, technology transfer and training and participation in the development of the local content and import substitution strategy, which would ensure a paradigm shift in the sustainable development agenda.

The Chamber expects to hold an exclusive marketing forum with the Chamber’s Supply Managers in Tarkwa on November 16, for members to market their products, logistics and services.**