Skip to main content

Govt, CalBank in $25m deal for small-scale mining

 


The government and CalBank are close to sealing a $25 million deal to finance small-scale mining operations in the country.

The deal is part of arrangements being made by the government with financial institutions to bolster small-scale mining activities, including community mining.

The Deputy Minister of Lands and Natural Resources responsible for Mines, George Mireku Duker, who disclosed this, explained that the move would help eliminate the practice where some small-scale miners, as a result of financial challenges, sell their concessions to foreigners sometimes for a pittance.

He was speaking at a sensitisation workshop on regularisation of small-scale mining organised by the ministry for media editors in Accra yesterday.

Community schemes

Duker said 16 community mining schemes had been established which were mining on a total land area of 2299.94 acres.

Additionally, he said, 85 district mining committees had been inaugurated in the Western, Western North, Ashanti, Eastern, North East, Upper East, Upper West and Savannah regions.

He said if well structured the scheme would cushion the economy and address unemployment.

Galamsey fight

Duker said the fight against galamsey was a complex one but the government was determined, with the support of the people to bring it under control

He said the people in the galamsey business were nor ordinary people, adding that they were people, some of whom carried sophisticated weapons.

He said the government had procured five speed boats, which had been commissioned and placed under the care of the Ghana Navy.

In addition, the recruitment of river guards was ongoing , with the first 100 already passing out and getting ready for deployment on December 1, this year.

Responding to a question on the confiscated excavators, Duker disclosed that the excavators had been handed over to the Ghana Police Service and that details would be made available to the media .

He welcomed inputs and expert views from the media on how to effectively communicate the strides made by the government in the galamsey war.

No ban on small-scale mining

Duker also opposed calls for a ban on small-scale mining as a way to tackle illegal mining ( galamsey), saying it would do more harm than good to the country.

He explained that for a sector that contributed about 40 per cent of the country’s total gold produce and employed over one million Ghanaians, it had a huge role to play in economic development for which reason it was not prudent to ban it.

Recently there had been calls by a number of identifiable bodies including religious bodies and OccupyGhana for a temporary ban on all forms of small-scale mining.

But the deputy minister stated what was needed was to enforce regulations, which was what the government was doing to sanitise the water bodies and the environment.

He said aside from the numerous benefits of the small-scale mining industry to the country, the sector’s regulatory systems were considered one of the best in Africa, which had led to many countries seeking to learn from Ghana’s experience.

Zambia and Sudan have come to emulate from us and currently, the South African High Commissioner is at the Ministry with the same purpose, to understudy Ghana’s small-scale mining sector," he added.

I’m not into galamsey

Duker debunked allegations levelled against him as being neck-deep in the galamsey activities.

I have never been a miner and I will never be. I have only studied and have a good knowledge of the subject matter and that should be on record," he stated.


Traceability project

Furthermore, he said the government through the World Bank and under the Ghana Land Restoration and Small Scale Mining project, had already commenced work on a traceability system.

The objective of the project, he said, was to trace the chain on custody of the precious mineral right from the mine to its final destination.

The traceability project is being carried out by the PMMC and the Minerals Commission.

Later, the Deputy Minister led the editors to the Minerals Commission's situational room where modern technological gadgets and software for the tracking of all earth-moving equipment and explosive machines will be commissioned next week.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...