MIIF spearheading socio-economic reshaping of mining through ESG

Oxford Business Group (OBG) and MIIF have published its comprehensive report titled “ESG in Ghana’s Mining Sector,” shedding light on the pivotal role of Environmental, Social, and Governance (ESG) considerations in shaping the nation’s mining landscape.

The report delves into the evolution of Ghana’s mining industry, exploring how ESG policies and initiatives are driving responsible resource extraction and fostering socio-economic development across the country, particularly in rural areas.

“ESG in Ghana’s Mining Sector” leverages MIIF’s expertise and increasing presence in the sector to help explore stakeholders’ concerted efforts towards stricter environmental regulations, particularly in water, land, waste, and tailings management, ensuring adherence to ethical standards amidst formalised mining operations.

Social considerations have gained prominence, with an emphasis on community engagement, labour rights, employment diversity, and human capital development becoming integral facets of the mining industry’s ESG framework.

Governance plays a pivotal role, with Ghana aligning itself with global benchmarks like the International Financial Reporting Standards     , enhancing transparency and accountability in its investment climate. The sector’s diversification into minerals such as lithium and salt underscores the growing significance of ESG reporting.

This thematic analysis is then overlaid by MIIF’s own initiatives across all three strands of ESG to provide real life examples of how policies and practices are being implemented in line with developmental needs.

Edward Nana Yaw Koranteng, CEO of MIIF, emphasised the transformative potential of heightened investment in ESG practices within Ghana’s mining sector. “The economic benefits stemming from a robust commitment to Environmental, Social, and Governance principles in the mining industry will reverberate across our nation. We anticipate a tangible elevation in our local production capacity, offering a substantial impetus to our economy. This surge will not only generate a multitude of job opportunities across various skill sets but also foster inclusive growth, ensuring market access and equitable participation for all stakeholders involved in the mining sector,” he added.

Karine Loehman, OBG’s Managing Director for Africa, noted that the report signals Ghana’s commitment to responsible resource extraction, community well-being, and environmental stewardship, crucial for sustainable socio-economic development.

“The report signifies not only the mining sector’s pivotal role in attracting responsible investors but also its profound impact on the nation’s economic landscape. Ghana’s strides in aligning with global standards affirm its dedication to transparency and ethical practices, fortifying investor confidence and propelling sustainable growth,” she highlighted.

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