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investments are made through companies and determined on their ability to build up a shareholder base and share premiums in terms of equity. Investment in the sector is very complex, competitive, and it is forensically compared to global peers, not just African opportunities.” He also stressed that investors are harder to find than actual good projects, which likewise are difficult to discover. “We feel that the continent only needs to cultivate a cluster of real catalytic investors to mount a strong build back better, resilient mining investment Covid-19 response. The reality is it is easier to secure current investors and local producers to increase and expand their investment rather than secure new investors. However, it is easier to get new investors with the support of current investors and local
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producers. We, therefore, feel that a compelling Covid-19 mining sector response to attract investment into the mining sector should be in the form of a government partnership with local producers, premised on a fourpoint plan to optimally increase investment.” This plan involves: • working with government and local producers to expand existing mines • assisting local producers to purchase new mines • bringing in new joint venture partners to invest in that growth • intentionally targeting and attracting a larger percentage of the global exploration spend. He continued, “There is a strong and unique opportunity now for governments to work with local producers and the investment community in partnership. We, in the
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REPORT | PROFILE
Nana Akufo-Addo, President of Ghana has been praised as a champion of the mining sector in Ghana.
private sector, wherever we are going to invest, in whichever sector, the first conversation is with the local producers and local private sector to ask how they are being treated, what the opportunities are for
growth, and what the nature and the depth of the relationship is with governments. HE Francis Gatare, CEO at Rwanda Mines, Petroleum & Gas Board (RMB), has already seen fruit because of the leadership delivered through his own ministry, and his president being a very dynamic leader, who understands the private sector. I really believe that partnership is something that should not be underestimated, it should be a forward looking partnership. There is a big world out there but I think with that partnership, and taking into account our blessed endowment, naturally we are well ahead of most competitors around the world. We just need to facilitate that partnership which will unlock unprecedented levels of capital, if it is properly cemented.” ■ By Samantha Payne
FEBRUARY 2021 | AFRICAN REVIEW OF BUSINESS AND TECHNOLOGY
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