The Executive Director of Ghana Gold Expo, Dr. Stephen Ackah, has called for the creation of a new exploration fund in Ghana, emphasizing that it is essential to unlock the country’s full mineral potential.
In an interview with Joy Business, Dr. Ackah said the establishment of the exploration fund under the Minerals Income Investment Fund (MIIF) is crucial for driving economic development, addressing historical challenges, and ensuring inclusive participation.
He called for strong collaboration among agencies within Ghana’s extractive sector to achieve this goal.
“We have to work to improve the extractive sector because they can bring growth to our economy,” he said.
Ghana’s gold resources, in particular, have long fueled the country’s economy. However, despite this wealth, there has been a persistent issue of limited local participation in the ownership and benefits of mining ventures.
To address this historical imbalance and empower Ghanaians, Dr. Ackah stressed that a new exploration fund is necessary for emerging critical minerals.
He further highlighted that foreign entities should recognize the importance of local content and ensure that Ghanaians have a stake in this expanding industry.
Dr. Ackah also mentioned that plans are underway to bring together eight African countries to join one of Europe’s premier Precious Stone and Exploration Funds.
In light of the growing lithium market, he urged African governments and investors to commit to exploration based on confirmed pegmatite deposits, proposing a fund of $1 billion.