Revitalizing Ghana’s Mining Sector: The MIIF and UMaT Partnership

Revitalizing Ghana’s Mining Sector: The MIIF and UMaT Partnership

The Minerals Income Investment Fund (MIIF) and the University of Mines and Technology (UMaT) have initiated a partnership agreement aimed at enhancing the mining value delivery system in Ghana. This groundbreaking collaboration focuses on four primary areas: the construction of a technical training centre, a scholarship programme for women hailing from mining communities, the establishment of a modern gold jewellery making and training centre, and the introduction of an annual speaker series.

The partnership aims to establish a technical centre that will offer advanced training, catering to the evolving needs of the mining sector. As new minerals are discovered, and innovative extraction methods are developed, the centre’s objective will be to foster and retain value within Ghana. The approach deviates from the traditional focus on accruing taxes and royalties, shifting towards comprehensive value creation.

Gold Jewellery Making and Training Centre: Tapping into a Lucrative Market

The partnership also foresees the establishment of a gold jewellery making and training centre. Currently, Ghana’s gold craftsmanship is rudimentary, hindering the country’s ability to tap into an estimated $700 million annual global jewellery market. The proposed centre aims to improve this scenario, with the vision of training enough jewellers to turn Ghana into a hub for jewellery making.

As part of this collaboration, a scholarship programme will be initiated, aiming to sponsor up to 50 women or girls per year for the next decade, starting from the 2024 academic year. The programme’s objective is to dispel the perception of mining as a male-dominated industry and to train women to occupy managerial positions within the sector.

Annual Speaker Series: Bridging Industry and Academia

The annual speaker series, another facet of the partnership, aims to bring industry leaders in mining finance or business to share their knowledge and experiences with students and faculty at UMaT. This initiative seeks to build a strong relationship between industry and academia, aligning education with the demands of the job market.

The Vice Chancellor of UMaT, Richard Amankwah, hailed the MIIF-UMaT agreement as a “game changer” for the university. He commended MIIF for their forward-thinking support, which he believes will significantly enhance the university’s ability to prepare students for the world of work.

Aligning with the United Nations Sustainable Development Goals (SDGs) and African Union’s Agenda 2063

Professor Douglas Boateng, the chairman of MIIF, stated that this partnership aligns with the United Nations Sustainable Development Goals 4, 5, 8, and 9, as well as the African Union’s Agenda 2063 transformation framework. Expressing his optimism for the initiative, he hoped that MIIF’s efforts would inspire other organizations to support academic institutions in building Ghana’s future.