Small scale mining has potential to transform Ghana’s economy – MIIF CEO

The Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng says he is confident in the potential of the small-scale mining sector, to transform the fortunes of the economy.

According to him, the sector produces 30-40% of Ghana’s total gold output. However, its full benefits are not realised. To this end, MIIF has introduced the Small Scale Mining Incubation Programme, SSMIP, to formalize the small-scale mining sector.

During an interaction with the media, Chief Executive Officer of MIIF Edward Nana Yaw Koranteng explained that the SSMIP will empower miners to benefit more from the sector.

“The SMMIP supports the miners with corporate governance structures. It supports them to mine in an environmentally friendly and sustainable manner.”

It also supports them with machinery that we (MIIF) convert to equity. It also provides them a market through what we have set up called the MIIF Gold Trade Desk,” he said.

In 2019, the small-scale mining sector accounted for 40% of gold output. Despite this significant contribution, Ghana loses revenue due to capital flight.

“Because of the lack of capital, the sector has witnessed the influx of foreign financing operations. They sometimes buy the gold at a 30% discount. They usually disregard how the gold is mined and whether or not it is done in a sustainable manner.

“There is a report that shows that Ghana loses on average $2 billion from the small-scale mining sector,”Koranteng added.

Aim of SSMIP

The main objective of the Small-Scale Mining Incubation Programme (SSMIP) is to transform wholly owned Ghanaian small-scale mining entities into mid-tier or large-scale in the long run and to formalize the activities of small-scale miners in Ghana.

The SSMIP also seeks to provide smart financing and investment facilities for potential and viable local operators.
The pilot phase of the programme is currently running in the Western, Ashanti and Eastern regions.

The SSMIP forms part of MIIF’s transformation plan to maximise the long-term value of Ghana’s income from its mineral wealth.

Reporting by Karen Antwi in Accra

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