Ghana, Canada to leverage bilateral relations to promote extractive industry investments
Ghana’s Minister of Lands and Natural Resources, Samuel Abu Jinapor, says Ghana is ready to leverage her historical ties with Canada through the Canada-Africa Chamber of Business to promote investment in the extractive sector.
The Minister gave the assurance at the 25th Annual African Mining Breakfast and 22nd Annual Investment in African Mining Seminar held in Toronto, Canada.
“It’s time Ghana and Canada ramp up their collaboration with investment in the extractive sector as the focal point of the renewed relations,” Mr Jinapor stated.
“We must leverage these cordial relations to promote business and trade between Canada and African countries.”
“That’s 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.”
Mr Jinapor highlighted the various components of Ghana’s mining architecture and encouraged potential investors to take advantage of it and invest in Ghana.
He mentioned Ghana’s stable political environment, friendly mining policy climate, legislation and fiscal framework as some of the conducive factors.
“Our modern day lives depend largely on minerals and mining, which provides the components for the manufacturing industry. And this has become even more profound as the world works towards a green energy transition.”
The Minister said the African Continental Free Trade Area (AfCFTA), headquartered in Ghana, provided a common marketplace for trade and Investment.
Africa’s mineral endowment placed the continent in a unique position, particularly on the 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,” the Minister stated.
To realise the goal of the Africa Mining Vision, Mr Jinapor called on African countries to utilise their mineral endowments for sustainable development.
The Government of Ghana, under President Akufo-Addo, is promoting three main policies within the mining industry: diversification of the mineral resources, value addition, and enhancing local content and local participation, the Minister said.
Mr Peter Marrone, the Chairman and Chief Executive Officer of Allied Gold Corporation, urged African governments to create conducive policy framework since many investors around the world were looking up to Africa for opportunity to invest in the extractive industry.
Africa had a youthful population, therefore its mining industry should present the best opportunities for them to benefit, he noted.
He urged African governments to keep their countries competitive to obtain the right investment from the major mining companies globally.
Source: GNA