 Ghana to be Africa's mining hub. Ghana is a West African country that stretches from the Gulf of Guinea to the Atlantic Ocean in the South, bordering Ivory Coast in the West, Burkina Faso in the North, and Togo in the East. Ghana covers a total area of 238,535 square kilometers, with biomass ranging from coastal savannas to tropical rainforests. With approximately 31 million people, Ghana is the second most populous country in West Africa after Nigeria. Acre is the capital and largest city of Ghana. Other noteworthy cities include Q-Messy, Tammale, and Sakhandi, Takaradi. Ghana was the world's seventh largest gold producer in 2019, producing 140 tons. Ghana's output surpassed South Africa's for the first time, establishing Ghana as Africa's leading gold producer. In addition to gold, Ghana exports silver, lumber, diamonds, bauxite, and manganese, and it has numerous untapped mineral reserves. In terms of diamond exports and reserves, Ghana ranks ninth in the world. Ghana's government has proposed nationalizing the country's mining industry in order to increase government revenue. Ghana's economic environment has been shaped by the mining sector, and while mineral extraction has aided the country's development, the country's mineral potential remains untapped. More mineral reserves are expected to be discovered as interest in the country's mineral sector grows. Ghana is a market that is rapidly expanding. Annual industry procurement spending in West Africa averages $1.2 billion, out of a total of $2.6 billion upstream of the value chain. Thank you for joining us on Africa Reloaded. In today's video, we'll look at how Ghana is rumored to be Africa's mining hub. This is finally becoming a reality, thanks to the assistance of the Minister of Lands and Natural Resources. Stay connected and rest assured that you will learn everything you need to know after watching this video. The Minister of Lands and Natural Resources, Samuel Agilai-Genefer, is looking for mining companies to help Ghana become an African mining hub. He stated that the government is now working to connect various value chains in order to generate jobs and income. He stated that the government was working on creating a mining financial center, among other things, as part of the environment required to grow the mining industry. Mr. Genefer was speaking in Tarqua, Western Region, yesterday after visiting Goldfields Ghana Limited to assess their operational level. Despite the government's efforts, he said, mining companies lack of cooperation with stymie any progress that could be made. We couldn't have survived without the help of companies like Goldfields. We should not work with opponents in mind. We must work together as partners to achieve a common goal. I am determined to assist Goldfields and all other mining firms in succeeding. Mr. Genefer stated, he stated that the government would continue to implement all recommendations aimed at making mining and related operations safer and healthier. He praised the corporation for reclaiming and replanting mineblans, noting that greening Ghana would require everyone's assistance. Green Ghana is a flagship government program and I commend you for incorporating it into your operations. Let us green our country and join the global fight against climate change. The minister concluded, contributions from the general manager of Goldfields Tarqua Mines. Goldfields Tarqua Mines general manager Stephen Osai-Dempa stated that the company had transitioned from owner to contractual mining in 2018, employing two local contractors. According to him, the company has invested $79 million in the rehabilitation, closure, planning and alternative livelihood program since 1998, which includes the development of oil, palm seedlings and economic plants. He added that the company improved its safety systems from 2010 to 2021, resulting in a reduction in injuries from 69 to 5. Minister Dempa stated that the company currently processes 40 million tons per year with a processing recovery rate of 97%. He stated that Goldfields was conducting feasibility studies to determine project viability and subsequent measures to extend the Tarqua Mines life by 10 years. In terms of corporate social responsibility, Stephen Osai-Dempa stated that the Goldfields Tarqua Mines has assisted local companies such as Western Trampo Service and ZEN in growing into international mining service providers, and that the mine will continue to support the educational sports and health sectors with infrastructure resources such as the $16.2 million Tarqua Sports Stadium rehabilitation, which will have a capacity of 10,400 people once completed. During his working visit, the minister was also given a quick tour of the Tarqua mine, specifically the Gold Room, where gold is smelted and plated. Mining's contribution to Ghana's economy. Due to its well-known and lucrative mineral resource base, the country has attracted significant mining investment over the past 20 years of peaceful multi-party democracy. As a result, the mining industry has played an important role in our economy, with gold accounting for nearly 90% of total output. Ghana is Africa's second largest gold producer and the ninth largest gold producer in the world. In 2011, the sector directly contributed 38.3% of total corporate tax earnings, 27.6% of government revenue, and 6% of Ghana's GDP. The large-scale mining industry employs 28,000 people, while the small-scale gold, diamond, sand-winning, and quarry industries employ over a million. In 2011, Ghana produced 3.6 million ounces of gold, the most in the country's history. This resulted in over $5 billion in export revenues. It's worth noting that small-scale miners accounted for roughly 28% of total gold production in 2011. Tobledirect investment, DI, in the minerals and mining sector was $11.5 billion between 1983 and 2011. Beyond direct fiscal receipts, the industry has a lot of capacity when it is integrated into the economy. Additional fiscal revenues from mining-related operations, employment generated by these activities, inputs supplied to other sectors, R&D efforts, and technology transfers are all ways to accomplish this. Mining has aided the development of many industries, including banking, financial services, transportation, and logistics. Current issues facing the mining industry, to fully realize the sector's potential to contribute to socioeconomic development, a number of key challenges must be addressed including insufficient linkages between the mining sector and the rest of the economy, as well as the sector's lack of diversification, which is heavily reliant on gold. The legal framework in which mining operates has a number of flaws, the first of which is its ability to maximize financial gains and assure and demonstrate a fair and equitable distribution of mining profits. Another challenge for the mining law framework is the regulation of artisanal and small-scale mining, particularly the threat of illegal mining. This refers to locating suitable locations, as well as educating such miners on the importance of regularizing their activities and operating legally, efficiently, and environmentally benignly. Interventions aimed at resolving the issues. Recent reforms and solutions have been implemented to address these issues. These are some examples. The revision of the draft national minerals and mining policy aims to combine several mining policies into a single national minerals and mining policy based on the guiding principle of sustainable development through mining. It has been subjected to extensive stakeholder consultation and is expected to be adopted by the government shortly. Parliament has passed legislation on a wide range of issues, including the environment, fiscal content, and mineral licensing, to name a few. A fiscal system study is also being conducted as part of a coordinated effort to improve the distribution of mining profits. This includes the development of a framework for reviewing inequitable legislative provisions as well as the formation of a multi-agency mining revenue task force task with ensuring effective and efficient revenue collection and suggesting legal policy changes. They are also addressing social issues in the industry. Baseline data on social disputes has been compiled, as have regulations and guidelines on mine closure and post closure, compensation, corporate social responsibility, and the use of mineral revenues by district or municipal assemblies. The International Finance Corporation is supporting efforts to increase local content development in mining operations in order to improve linkages and multiplier effects, IFC. This has included developing a database of goods and services required by the mining industry, identifying select local enterprises that can service mining companies and expanding local enterprise capacity. Finally, we are members and participants in a number of initiatives, such as the Extractive Industries Transparency Initiative, the African Union's African Mining Vision, the ECHOA's Directive on the Harmonization of Guiding Principles and Policies in the West African Mining Sector, and the Intergovernmental Forum on Mining Metals and Sustainable Development. With nine active mines and one project in Australia, Chile, Peru, and South Africa, Gold Fields Ghana Limited is one of Africa's largest gold producers and Ghana's largest. This is one of the main reasons why the government of the country is doing everything possible to make Ghana a mining hub. Thanks for watching. If you found this video interesting, do not hesitate to like, share, subscribe, and also turn on the notification for more thrilling and exciting videos.