Mr. Kwame Addo-Kufuor Jr, President of the ECOWAS Federation of Chambers of Mines (EFEDCOM), has called for new approaches and stakeholder dialogues to create enabling environments to attract foreign and local investment into sustainable and responsible mining.
He said the time has come to think differently on how to position local companies to actively participate in mining value chains by manufacturing and selling more to the industry which will benefit other sectors of the local economy.
Mr Addo-Kufuor Jr., who was speaking at the maiden Annual General Meeting of EFEDCOM held virtually, said the COVID-19 pandemic provided a timely opportunity for governments to do deep internal introspections of their domestic economies to identify areas of competitive advantage.
“It is a well-known fact that West Africa has huge mining potential, much of which is untapped. Now is the time for new approaches and stakeholder dialogues on how to create enabling environments to attract foreign and local investment into sustainable and responsible mining,” he said.
Mr Addo-Kufuor Jr. expressed the disappointment that most mining operators seeking to meet and exceed current legislation on local sourcing of inputs of production are unable to find manufacturers of inputs who could supply commercial quantities at the acceptable standards of quality.
He, therefore, called on stakeholders to work together with the mining industry, as well as entrepreneurs in manufacturing, fabrication and services provision, to provide the right incentives to help develop competent local producers of critical mining inputs.
“Mining operators will proudly buy from reliable local sources not only in compliance with local content laws but beyond that as part of our corporate social responsibility to support the creation of jobs, reduction of poverty- and taking the benefits of mining beyond tax and royalty payments into the realm of multiplier impacts on the wider economy,” he said.