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President Nana Addo Dankwa Akufo-Addo (2nd from right) briefed by Mr. Eric Asubonteng, CEO of Anglogold Ashanti, at the Ghana Pavilion at an exhibition held as part of the conference.
President Nana Addo Dankwa Akufo-Addo said that it was not fair that Africa, rich in minerals sought by the world, remains inhabited by the world's poorest people.
"Africa has enriched the world with our minerals; our gems adorn wreaths and houses around the world. It's time to do
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Africa is prosperous and enables its people to achieve a decent standard of living, "he said.
Sending to the 2019 edition of "Investing in African Mining Indaba", the world's largest conference on mining investment, Cape Town
City, South Africa, the president said yesterday that mining companies should not expect to make extraordinary profits on the African continent.
Mining contracts
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President Akufo-Addo, however, acknowledged that African countries had not achieved good results in negotiations with mining companies that had exploited Africa's mineral resources in the past.
That said, he said, the continent has matured and should not offer tax incentives and unusual royalties.
He postulated that the mining industry had what it needed to help the continent's economic transformation and thus enable Africans to thrive.
AngloGold Ashanti
Citing a speech he made on January 22, 2019 during the reopening of the AngloGold Ashanti Mine in Obuasi, Ghana, the President stated that the Obuasi negotiations had been conducted as part of the process. an agreement that more equitably balances the interests of both parties, namely the government. from Ghana and AngloGold Ashanti.
"As I said at the ceremony, I hope and hope that this time, under the new leadership of AngloGold Ashanti, the development of Obuasi will reflect the richness of its soil, "he said, pointing out that minerals are a public resource. and, therefore, negotiations between countries and businesses must be transparent, accessible and easily understandable by citizens.
He said that these negotiations should be conducted in a language that does not require interpretation by the experts.
"Communities should be able to look at mining contracts, find out how much revenue has been generated and how and on what it is spent," he said.
"A long and bitter experience means that both parties, African governments and mining companies, must work hard to win the trust of the people," he said.
"Mining could quickly contribute to the growth of the continent's manufacturing sector and also be the champion of its economic growth."
According to President Akufo-Addo, this would not happen if Africa remained the ideal place for other people to come for minerals that were exported in the rough to be processed outside.
"We can not and must not continue to be mere exporters of raw materials to other countries.
The value chain of mining provides great potential for job creation and can be an essential foundation for the transformation of the continent's economies, "he said.
Ghana
Regarding the exploitation of Ghana's mineral resources, he said the country had decided to exploit them responsibly.
"We created the Ghana Integrated Aluminum Development Corporation, a public company, to develop, with the right investors, the entire value chain of our bauxite resources to create an integrated aluminum industry in Ghana." , did he declare.
He added that the country is also committed to building an integrated steel industry from its vast deposits of iron ore and manganese to meet the needs of the country and those in the region.
"During this session, Parliament will review and, hopefully, approve the establishment of another state-owned company, the Ghana Integrated Steel Development Corporation, to take on this engagement with the appropriate investors" said the president at the conference.
He added that work is under way to exploit the considerable lithium deposits in the country, noting that "we hope to establish, in all these new companies, a good balance between our needs and those of the investment community".
President Akufo-Addo concluded by stating that the time has come for the minerals sector to create win-win situations for all stakeholders.
He therefore urged participants to pay attention to "the country's wealth: a young, dynamic and dynamic population, committed to working and who, with the required skills, is an extremely positive factor in the rapid development of the continent".
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