The Ghana Chamber of Mines has disbursed US$2 million as the second tranche of its Tertiary Education Fund to the University of Mines and Technology (UMaT).
The initiative aims to strengthen research grants and develop infrastructure, to ultimately enhance local participation in the mining industry.
Thet Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney, made the announcement during the inauguration of the Association of Local Mine Contractors, Ghana, held over the weekend at Ntotroso-Gyedu in the Ahafo Region.
The newly formed association consists of local contractors who engage in subcontracts with major mining companies, including Newmont Ghana Gold Limited. Its primary mission focuses on advocating fair policies and creating more opportunities for local businesses within the mining sector.
Mr. Koney highlighted the crucial role that local contractors play in the mining industry. “Local contractors are indispensable in providing essential services such as drilling, blasting, haulage, equipment maintenance, site preparation, and infrastructure development,” he stated.
He encouraged these contractors to take advantage of the Chamber’s Tertiary Education Fund to develop skilled labour, emphasizing the importance of mentorship and skills development in cultivating a world-class workforce for the sector.
The mining industry contributes significantly to Ghana’s economy, accounting for 10% of the nation’s GDP and generating 50% of total export revenues in 2024. Furthermore, in 2023, the sector contributed GH₵11.5 billion in taxes, representing 23% of domestic revenue and 9% of government revenue.
“As the mining sector evolves, initiatives such as the Tertiary Education Fund and associations dedicated to local contractors represent a pivotal shift toward empowering local businesses, contributing to a more sustainable and inclusive mining industry in Ghana,” he added.
Mr. Alex Kwame Boapong, President of the Association and CEO of Alexiboam Company Limited, expressed gratitude to Newmont for supporting local contractors with contract awards. He urged the government to recognize the invaluable contributions of local contractors and provide them with greater opportunities to combat unemployment and tackle the challenges posed by illegal mining.
