Asantehene Otumfuo Osei Tutu II has urged mining companies to retain more of their profits within Ghana during the opening of the 2024 and 17th West African Mining and Power Conference and Exhibition.
He emphasised that this strategy would contribute to accelerating the country’s economic development, allowing Ghana to reap the benefits observed in other mining-rich nations like South Africa.
Otumfuo Osei Tutu II’s remarks were delivered by Odeneho Okyere Kusi Ntrama, the Essumagyamanhene and Head of the Benkum Wing of the Ashanteman Council.
The three-day conference is on the theme “The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa.”
The event is anticipated to draw 300 participants and 150 local exhibitors from 20 countries worldwide.
As the special guest of honour, the Asantehene stressed the importance of increased local involvement in the exploitation of Ghana’s mineral resources to retain more value within the country.
He encouraged mining and power companies to list on the Ghana Stock Exchange to promote local ownership.
Furthermore, the Asantehene emphasised the need for sustainable mining practices that respect the environment and local communities, including their cultural values.
He emphasised that investments in the sector should prioritise long-term national prosperity over immediate economic gains.
Additionally, the Asantehene advocated for the adoption of Artificial Intelligence and Technology in mining operations to align with the global transition from fossil fuels to renewable energy sources.
In his remarks, Minister of Lands and Natural Resources, Samuel A. Jinapor, highlighted the vital role of the mining and power sectors in economic growth, particularly in job creation and revenue generation for national development.
He underscored the government’s commitment to promoting investment in exploration to discover new mineral reserves, ensuring the long-term sustainability of the mining industry.
Mr. Jinapor also mentioned ongoing efforts with the Ghana Revenue Authority (GRA) and the Ghana Chamber of Mines to develop a framework for addressing critical tax issues such as Value-Added Tax (VAT) on exploration.
This initiative aims to alleviate the financial burden on exploration companies and encourage further investment in exploration activities.
“We are also in the process of enacting a Legislative Instrument, pursuant to Section 28 of the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to restrict the export of bauxite in its raw state.
This will enable us to leverage our over nine hundred million metric tonnes (900,000,000 MT) of bauxite resources to build an integrated aluminium industry in-country,” he stated.
Dr. Sulemanu Koney, the Chief Executive Officer of the Ghana Chamber of Mines, emphasised that the conference was timely in Ghana’s history.
He stated that its purpose was to serve as a platform for introducing new suppliers, technologies, and techniques to the mining and power industries in West Africa.






























































