Second Edition of MIIF-UMaT Speaker Series Unlocks Ghana's Mining Potential for Wealth Creation
The second in the lectures dubbed the MIIF-UMaT Distinguished Speaker Series was delivered on Tuesday 19th March 2024 by the Managing Director for the Ghana Stock Exchange Dr Adwoa Amoah on the theme "Mining as an Asset Class; Leveraging the Stock Market for Wealth Creation".
Introducing the audience to the topic, the Guest Speaker emphasized the pivotal role of Ghana’s mining industry in driving wealth creation and economic growth and outlined strategies to effectively harness it through the capital market.
Dr Amoah shed light on the untapped potential of Ghana's mining sector by underscoring the country’s rich mining heritage, particularly in gold production which dates back over a millennium, and also projected Ghana’s status as the 6th largest producer of gold globally producing over 4,000,000 ounces of gold in the year 2022. The speaker also recounted the plethora of valuable minerals like aluminium, bauxite, manganese, diamonds, and lithium along with oil and gas reserves and various industrial minerals, and indicated that despite the storehouse of minerals, Ghanaians feel disconnected from the wealth generated by the mining sector.
Dr Adwoa Amoah - Managing Director, Ghana Stock Exchange
Highlighting the disconnect between the mining sector's prosperity and its impact on local communities, especially in mining communities, Dr Amoah emphasized issues of limited ownership of resources, inadequate wealth distribution, and low financial literacy as contributors to the perception of exclusion among Ghanaians furthered by the woeful underrepresentation of Ghana’s mining industry on the GSE.
To bridge the gap and foster inclusive growth, Dr Amoah highlighted the critical role of the capital market, particularly the Ghana Stock Exchange as a platform for companies to raise capital and for investors to trade securities.
She further proposed a multi-faceted approach which includes Diversification of Products, Education and Outreach, Support for Local Suppliers, and Implementation of Local Ownership Guidelines to enhance the participation of Ghanaians in the mining sector through the capital market.
Bringing lessons home from global models, Dr Amoah cited successful examples from Australia, Canada, and South Africa, where robust stock markets have played crucial roles in unlocking the potential of their mining industries to create wealth for citizens and drive economic development. Dr Amoah stressed that “the path to prosperity lies in leveraging Ghana's abundant mineral resources through domestic ownership and participation in the capital market” and emphasized the urgency of unlocking Ghana's mining potential to ensure equitable economic development and sustainable growth.
In her conclusion to the lecture, Dr Amoah called on stakeholders particularly; regulators, educators, market participants, and mining companies to act decisively and create an enabling environment for transparency, responsible investment, and long-term wealth creation.
in the welcome address to the MIIF-UMaT Lecture Series, the Vice Chancellor of the University, Professor Richard Kwasi Amankwah applauded the Minerals Income Investment Fund (MIIF) particularly the Board Chairman, Prof Douglas Boateng for co-founding and elevating the original conversation about the Speaker Series in the year 2022. Noting the topic for the second edition "Mining as an Asset Class; Leveraging the Stock Market for Wealth Creation", Professor Amankwah stressed the need for stakeholders in Ghana’s mining industry to seriously engage in conversations on investment of the country’s mineral resources. He underscored the need for citizens to benefit from the industry, especially in exploration communities where risks are highest.
Professor Douglas Boateng - Board Chairman of MIIF
Giving remarks about the MIIF-UMaT Distinguished Speaker Series, the Board Chairman of MIIF, Professor Douglas Boateng described the lecture as a highly regarded platform for intellectual and industry discourse and also as a forum for leadership to hold tough discussions in mineral research, socially responsible mining and exploration, funding options, environmental management, wealth creation, and beneficiation for the greater good of society. Dr Boateng called on Universities and practitioners to come together and engage in purposeful dialogue that results in local empowerment and wealth creation for all.
The Second Edition of the MIIF-UMaT speaker series received participation from numerous dignitaries and institutions including Mr Edward Nana Yaw Koranteng, CEO MIIF, Dr Sulemanu Koney, CEO of Ghana Chamber of Mines, Board members and staff of MIIF, Executives from Mining Companies, Members of the University Community and the general public.
