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Ghana to collaborate with LBMA to boost small-scale mining

Mining Ghana to collaborate with LBMA to boost small-scale mining
WED, 05 JUN 2024 LISTEN

The government of Ghana is poised to form a strategic partnership with the London Bullion Market Association (LBMA), backed by the UK-Ghana Gold Programme (UKGGP), to expand global market access for small-scale miners.

This collaboration could unlock new opportunities for Ghana's mining sector, potentially tapping into a market valued at over $1.5 billion.

In a press release issued on Wednesday, June 5th, the LBMA highlighted the significant economic and environmental benefits of this initiative.

"Apart from the economic benefits, this partnership could also address environmental concerns associated with unregulated mining. By adhering to LBMA standards, miners commit to responsible practices, reducing environmental harm and safeguarding community well-being," the statement read.

The release also emphasized the growing momentum for mining regulation reforms. Initiatives like the Shared Prosperity Initiative advocate for reinvesting mining royalties into community development, aiming to empower local communities and promote sustainable growth.

As the LBMA delegation visits Ghana, there is optimism for a positive transformation in the mining sector. Enhanced access to global markets could not only boost economic prosperity but also drive responsible mining practices, benefiting Ghana's mining communities in the long term.

Gregory Mthembu-Salter, a consultant for the LBMA, expressed confidence in the initiative, stating, "We are encouraged by the government's evident commitment to this and by all the work that has already been done."

Mthembu-Salter underscored the importance of continuous improvement in the supply chains used by Good Delivery List refiners. He noted that such improvements would enhance the lives and incomes of miners and mitigate environmental hazards. He also stressed that adhering to these standards would enable Ghanaian producers and aggregators to access formal, global markets.

However, he cautioned that this opportunity comes with significant responsibilities. "The gold must be legally and responsibly mined and traded. We are sure there are many ready to take up the challenge and we look forward to engaging with them," he added.

The LBMA's initiative is seen as a major step forward in promoting sustainable and ethical mining practices in Ghana, promising long-term benefits for the country's gold industry.

Attractive Mustapha Nii Okai Inusah
Attractive Mustapha Nii Okai Inusah

Journalist and a Blogger Page: MustaphaAttractive

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