To enhance local participation in the mining sector, the Ghana Chamber of Mines has stressed the need to deliberately provide some level of funding for local businesses to enable them fit into the sector.
Local content in Ghana’s mining sector have been described as a challenge since mining is capital intensive venture.
Speaking to Joy Business, the Chief Executive of the Ghana Chamber of Mines, Sulemanu Koney said the chamber is working with the Ghana Association Bankers (GAB) to facilitate a funding platform for local businesses in the sector.
“Mining is a catalyst for development. If e want to benefit from mining, then one of the important areas we have to look at is financing for suppliers,” he said.
Mr. Koney stressed that there are many areas in the mining sector that can be reserved for local companies to create jobs for Ghanaians.
He pointed out that suppliers are most often unable to meet the demands of mining companies due to lack of funds.
“After conducting a number of researches, we realised that it is our duty to bring the Ghana Association of Bankers and the suppliers together to see how we can help facilitate a workable solution for the benefit of all of us”
Mr. Koney was hopeful the banks will be able to design products that will facilitate the activities of the suppliers.
“The banks are ready and willing to provide funding. This is because the banks know that these suppliers are dealing with sustainable and credible businesses in the mining sector”.
He maintained that the move will not only enhance Ghana’s local content in the mining sector, but will also help retain the money in the country.
“The beautiful thing about local content is that the money will stay in Ghana. Once the money stays here, we are creating wealth and economic development,” he said.
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