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IFC, Minerals Commission and Chamber of Mines Partner to Boost Local Sourcing in Ghana’s Mining Industry


In Washington:
Laura Macinnis

Phone:  +1-202-473-6978
Email: lmacinnis@ifc.org  

In Accra:
Kennedy Fosu
Phone: +233-30-221-4142
Email: kfosu@worldbank.org

Accra, Ghana. June 24, 2015 – IFC, a member of the World Bank Group, the Ghana Minerals Commission, and the Ghana Chamber of Mines are working together to strengthen smaller, local businesses involved in Ghana’s extractives industry, a major contributor to jobs and economic growth in the country.  

As part of these efforts, IFC and its partners convened a two-day workshop in Accra that brought together stakeholders from the mining, oil, and gas sectors to discuss ways to build the capacity of local businesses and create the conditions for them to thrive. They also discussed solutions to enhance local companies’ competitiveness and increase their role in the supply chains of larger firms in Ghana’s extractives industry.

Ghana sits on large reserves of oil, is a major gold producer, and also mines phosphates, bauxite, and other important minerals.
 
Dr. Toni Aubynn, Chief Executive Officer, Ghana Minerals Commission, said, “We are committed to improving the capacity of local suppliers involved in the extractives industry to increase their contribution to economic growth.”

Sulemanu Koney, Chief Executive Officer, Ghana Chamber of Mines, said, “We appreciate IFC’s effort to connect with local suppliers to the mining industry. Through this workshop, we have identified priority interventions required to address the challenges faced by local businesses in order to leverage the existing potential within the mining value chain in Ghana.”

Ronke-Amoni Ogunsulire, IFC Country Manager for Ghana, said, “Engaging local businesses to supply extractive industries promotes the development of the SME sector, which generates over 70 percent of jobs in Africa. IFC is pleased to work with the Chamber of Mines and the Minerals Commission to prepare Ghanaian SMEs to benefit from opportunities presented by the operations of mining industry”.

IFC has invested over US$2.4 billion in total in the Ghanian economy. Investment in the energy sector over the past five years amounts to US$750 million, including oil and gas exploration and production, power production, and refined petroleum distribution.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org.

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