Latest news with #MIIF
Zawya
3 days ago
- Business
- Zawya
Goldbod Rakes in $1.17 Billion After First Full Month—Finance Minister
Finance Minister Dr. Cassiel Ato Forson has disclosed that Ghana earned over $1.1 billion in foreign exchange during the first full month of operations under the Goldbod gold purchase programme. The inflow, generated from the purchase and export of more than 11 tonnes of gold, marks a major milestone in the country's efforts to stabilise the cedi and enhance local participation in the gold trade. Dr. Forson made the announcement during the inauguration of the new Board of Directors of the Minerals Income Investment Fund (MIIF) in Accra. He urged the new board to build on the gains made through Goldbod and help deliver long-term value from Ghana's mineral resources. 'This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,' the Minister said. He challenged the new board to return the Fund to its core mandate of responsible and transparent mineral investment. Between 2019 and 2024, he noted, MIIF suffered from severe mismanagement, prompting the government to withdraw financial support. 'We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, government will reconsider its stance,' Dr. Forson stated. He emphasised MIIF's role in increasing Ghana's equity in mining operations and promoting local content across the value chain. He also revealed plans to collaborate with MIIF and Goldbod to further expand the gold purchase initiative and bolster Ghana's gold reserves. As part of broader sector reforms, Dr. Forson announced a renewed crackdown on mineral smuggling, pledging intensified oversight to ensure that no precious mineral leaves the country without due process and benefit to the state. The newly inaugurated MIIF board is chaired by Mr. Richard Kwame Asante. Other members include Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Yakubu Mohammed, Hon. Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni. Mr. Asante, speaking on behalf of the board, pledged their commitment to rebuilding public confidence in MIIF and ensuring that its operations align with Ghana's national development priorities. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Zawya
20-05-2025
- Business
- Zawya
Mining in Motion to Highlight Innovative Funding Solutions for Ghana's Artisanal and Small-Scale Mining (ASM) Operations
The upcoming Mining in Motion Conference - Ghana's premier gathering for gold mining stakeholders, scheduled for June 2 - 4 in Accra - will feature a dedicated panel exploring the financial challenges, opportunities, and best practices for the artisanal and small-scale mining (ASM) sector. The session, titled Funding Models for ASM, will convene representatives from Ghana's Minerals Income Investment Fund (MIIF), BloombergNEF, the African Development Bank, AlphaStream and StoneX. The speakers will delve into available financing options and strategies aimed at empowering ASM operators to scale their activities and contribute more significantly to Ghana's mining-driven economic growth. The ASM sector plays a vital role in Ghana's economy, generating over $5 billion in gold export revenue annually, employing more than one million people, and contributing over 40% of the country's total gold production. Recognizing this impact, the Ghanaian government has initiated several mechanisms to improve financial accessibility for ASM operators. One such initiative is the establishment of the Gold Board, an agency designed to serve as the sole exporter for ASM gold in Ghana. This integration ensures legal trade, supply chain inclusion, and access to accreditation and financing opportunities. Government-led programs, such as the Ghana National Association of Small-Scale Miners and the Minerals Commission's Community Mining Scheme provide a mix of loans and grants. MIIF is rolling out its Small-Scale Mining Incubation Program, offering between $200,000 and $5 million per mine to accelerate exploration and production efforts. The financial sector has also shown strong commitment to supporting Ghana's mining industry. Stanbic Bank has pledged $1.1 billion in funding for the mining, metals, and energy sectors over five years, including $100 million in loans for local contractors, a $90 million expansion loan for a gold mining firm, and an $80 million environmental bond covering six gold mines. Firms like AlphaStream and StoneX are also stepping in with financial solutions that span the mining value chain, positioning themselves as key enablers of Ghana's mining expansion ambitions. Their involvement in the Mining in Motion Conference as sponsors further signals growing interest in Ghana's mining finance landscape. Mining in Motion will serve as a showcase for both traditional and innovative funding models -ranging from public-private partnerships and community-based financing to ESG-linked instruments - highlighting how these tools are being leveraged to strengthen the ASM sector and drive inclusive growth in Ghana's mining industry. Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana's Ashanti Kingdom – in collaboration with Ghana's Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana's Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders. Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting For sponsorship opportunities or delegate participation, contact sales@ Distributed by APO Group on behalf of Energy Capital&Power.
