While the mining industry is making significant gains, there are still challenges that need careful attention, President of the Ghana Chamber of Mines, Michael Edem Akafia, has noted.
While speaking on Joy News’ PM Express Business Edition on Thursday, Akafia said the rise in gold prices has boosted aspirations across many countries, with governments positioning themselves strategically in light of the increasing global focus on rare and critical minerals.
“From a global industry perspective, things look promising
“Like all things, there are two sides to it: the upsides, which are often highlighted, and the downsides, which are less talked about. Of course, on the upside, gold prices have gone up, which fuels aspirations, particularly for countries.
“Many nations are positioning themselves strategically, especially with the growing conversations around rare and critical minerals. From a global industry perspective, things look promising in that regard,” he said.
Mr. Akafia, however, cautioned that the brighter outlook does not tell the full story. He explained that while gold prices are high, input costs often rise almost simultaneously, as suppliers adjust their pricing to reflect market conditions.
He also stressed the importance of sustainability in responsible mining
“However, there are also challenges—some of which are often overlooked, especially by people who are far removed from the industry. For example, looking only at the gold price does not tell the full story. One issue is that input costs tend to rise almost in tandem, as suppliers adjust their prices accordingly.
“Another challenge is sustainability. For responsible miners, higher gold prices may require them to extend operations into marginal areas of their concessions, which comes with added environmental and operational considerations.”
The Chamber president stated that the industry’s progress must be balanced with long-term responsibility, urging stakeholders not to lose sight of the challenges even as they celebrate the gains.
