The University of Mines and Technology (UMaT) recently marked a significant milestone as it celebrated 20 years of academic excellence and industry leadership. At the heart of this commemoration was the 12th ALUMaT Lecture, delivered by a distinguished alumnus, Dr Kwasi Ampofo, Head of Mining and Metals at BloombergNEF, London. Speaking on the theme “Unlocking Ghana’s Full Mineral Potential,” Dr Ampofo called for a transformative shift in the nation's mining policies to prioritize the often-overlooked pillars of people and the environment, alongside government and business interests.
In a gripping presentation, Dr Ampofo offered a thorough historical overview of Ghana’s mining policies since independence, highlighting key legislative developments that have shaped the industry. His analysis began with the Minerals Act of 1962, which centralized mineral ownership within the state, but often to the detriment of private sector growth. He underscored successive policies, including the Minerals and Mining Law of 1986 and the Minerals and Mining Act of 2006, which brought notable improvements such as foreign direct investment and environmental protection initiatives. Dr Ampofo however emphasized that much more needs to be done to align mining practices with the needs of local communities and environmental sustainability.
Dr Ampofo’s central argument revolved around the necessity for mining policies that create a balanced relationship between all stakeholders including government, business, people, and the environment. He noted that, historically, policy frameworks had a bias toward government control and business interests, often leaving communities and environmental considerations in the periphery. He argued that future policies must evolve to address these gaps, ensuring that mining operations are conducted in a manner that benefits all stakeholders equally.
One of the Speaker’s key recommendations was for the introduction of financing mechanisms, particularly venture capital and alternative financing, to support young entrepreneurs and small-scale mining businesses. Drawing lessons from international mining hubs such as Australia, Dr Ampofo proposed that Ghana make its mining sector more appealing to investors by focusing on regulatory, capital-raising, and risk management reforms.
Another critical area identified by Dr Ampofo was the need for talent and skills development in the mining industry. He called for comprehensive training programs that equip young professionals with the skills necessary to thrive in a highly competitive global market. He further advocated for policies that provide tax incentives and grants for early-stage exploration, noting that these efforts could unlock new mineral deposits and significantly enhance the country’s long-term growth potential.
In addition, Dr Ampofo stressed the importance of infrastructure development to support mining operations. He outlined a vision for an integrated infrastructure plan—including road networks, railways, ports, and power generation—designed to reduce operational costs and increase efficiency, thereby contributing to Ghana’s broader industrialization goals.
A pivotal theme throughout Dr Ampofo’s lecture was the emphasis on sustainability. He advocated for stricter environmental regulations and the adoption of modern technologies to mitigate the ecological impact of mining activities. He urged the industry to go beyond short-term profits and consider the long-term environmental and social ramifications of its operations. According to Dr Ampofo, following the example of the Kimberley Process in managing conflict minerals could be a model for ensuring that mining activities contribute to sustainable development without compromising future generations.
Dr Ampofo also made a strong case for policies that ensure that mining revenues are channelled toward improving healthcare, education, and infrastructure in local communities. He underscored the importance of creating avenues for ongoing dialogue between mining companies and the communities they operate in, fostering mutual trust and ensuring that the benefits of mining are felt at the grassroots level.
Dr Ampofo proffered a ten-point plan as a clear roadmap for the future of Ghana’s mining industry. His recommendations, which include a focus on talent development, infrastructure, research and development, and sustainable mining practices, are critical for transforming the sector into a pillar of national development. He highlighted the need for holistic policy reform that addresses the interests of all key stakeholders, ensuring that Ghana’s mineral wealth is managed responsibly and equitably.
In his delivery, Dr Ampofo opined that the 12th ALUMaT lecture serves as a timely and essential guide for a mining sector that prioritizes people and environmental sustainability. He said that the roadmap is not only critical for the long-term success of the industry but also for the broader economic and social development of the country.
In closing, Dr Ampofo reiterated that the future of Ghana’s mining industry lies in its ability to balance the needs of business with the well-being of its people and the preservation of its environment. Only through such an inclusive approach can the country fully unlock its mineral potential and position mining as a cornerstone of its future growth.
The 12th ALUMaT Lecture, held on Friday, October 18, 2024, was well attended by members of the University community, industry professionals, and the general public.
