Stanbic Bank Ghana has reiterated its keen interest in contributing to the development of the metals and mining industry in Ghana.
Juliet Sheiddy Akamboe, Manager, Client Coverage, Metals and Mining, Stanbic Bank Ghana, speaking on the sidelines of the Ghana Mining Summit held in Accra, said, “Ghana is Africa’s current largest producer of gold in the mining sector and a lot of economic progress made by this country will be largely driven by the mining sector.”
“At Stanbic Bank, we support mining companies and drill down to their suppliers and contractors. As our mission statement states, Africa is our home, we drive her growth, we are committed to Africa, with Ghana as our focal point. Partnering the Ghana Mining and Energy Summit this year is proof of our commitment to the metals and mining sector,” she said.
On harnessing mining and energy potential to accelerate national development, she said there were myriad of opportunities that exist for Ghana’s economy that could be leveraged.
“In 2017, total direct employment stood at 12,503 in the mining sector; also, with a multiplier of 28, indirect employment stands at 350,000. Compensation to employees was $515m and expenditure on electricity at $307m which translates to 8 per cent of mineral revenue. In all of this, total fiscal receipt by the Ghana Revenue Authority was GH?2bn. This goes to prove the benefits the mining sector provides to the Ghanaian economy,” she said.
A key factor to consider in harnessing mining and energy potential for Ghana’s economic growth, she said, was unlocking the country’s local content potential.
She, however, stated that there were challenges, citing limited industrial capacities where most local industries do not have the capacity to meet unexpected demand for mining companies as well as an unfriendly business environment where there is high borrowing cost and high cost of manufacturing input as some of the challenges.
“It is imperative that mining sector companies partner with financial institutions with extensive industry expertise and trusted advice and arrangement capacities to support local businesses. This puts checks on associated risks and challenges,” she said.