Establish Exploration Fund To Unlock Mineral Wealth – Gold Expo Director Advocates

The Executive Director of Monaco International Investment Forum (MIIF), Dr Steven Blessing Ackah, has advocated for the establishment of an exploration fund for mineral resource endowed nations, particularly in Africa, to fully harness the benefits of these resources.

He stated that, as Ghana looks towards the future, establishing such exploration fund, could serve as a pivotal step in unlocking the full potential of the country’s mineral wealth.

Delivering a speech during the MIIF event on Friday, March 15, 2024, held at the prestigious Yatch Club of Monaco, Dr Ackah, who is also the director of Ghana Gold Expo said, the establishment of the fund, would not only increase economic development, but also solve historical challenges and ensure inclusive participation.

According to him, despite Ghana’s rich mineral resources and reliance on the sector for economic growth for decades, active local participation, remains a challenge for the citizens.

“Ghana’s mining history is deeply intertwined with its economic narrative. The nation’s gold resources (No 1 producer of gold in Africa and No 4 in the world), in particular, have fueled its economic for centuries. Despite this wealth, there has been a recurring challenge of limited local participation in the ownership and benefits of mining ventures. Foreign entities should see the importance of local content, thus, ensure Ghanaians participate in the stake of this burgeoning industry,” he stated.

In order to over come this, Dr Ackah, advocated for the creation of the Exploration Fund to encourage local individuals and entities to engage in exploration activities actively.

He explained that, the fund would serve as a financial promoter and this will encourage both local and international investors to participate in exploration ventures.

According to him, the fund would be particularly important for attracting investment in new critical minerals.

Exploration companies, he said, increasingly prefer to invest in national funds to share risks and equity.

“The establishment of this setup between the fund company and an Exploration Fund in Ghana is not merely an economic strategy but a pivotal step towards inclusive development. By empowering local participation, redistributing wealth, and addressing challenges associated with exploration activities, Ghana can unlock its full potential, fostering a resilient and sustainable future,” he emphasized.

Benefits of an Exploration Fund:

1. Empowering Local Participation: The exploration fund would empower Ghanaians to invest in and own shares of exploration ventures, fostering a sense of ownership and ensuring that the economic benefits of mining are more widely distributed within the local community.

2. Technology and Skills Transfer: Collaborating with international exploration firms through the fund can facilitate the transfer of cutting-edge mining technologies and skills. This not only enhances local expertise but also positions Ghana as a hub for innovation in the mining sector.

3. Risk Mitigation: Exploration inherently involves risks, both financial and operational. An exploration fund, carefully managed and strategically invested, can help mitigate these risks, ensuring a more stable and sustainable development of mining projects.

4. Economic Diversification: Investing in exploration expands the range of mineral resources that can be tapped, contributing to economic diversification. This not only safeguards against fluctuations in commodity prices but also positions Ghana as a resilient player in the global market.

5. Wealth Redistribution: Ghana’s mineral wealth is often concentrated in the hands of a few multinational corporations. An Exploration Fund would help redistribute this wealth more equitably, ensuring that the benefits of resource exploitation reach a broader segment of the population. This, in turn, could mitigate social inequalities and contribute to poverty reduction.

6. Economic Diversification: Relying heavily on a single sector, such as mining, poses economic risks. An Exploration Fund could encourage diversification by supporting exploration activities in untapped areas or new minerals. This diversification would make Ghana’s economy is more resilient to fluctuations in global commodity prices, providing stability and long-term sustainability.

Challenges in Exploration Activities:

1. Financial Constraints:

Exploration is a capital-intensive endeavour, and many local businesses face challenges in securing sufficient funding. An Exploration Fund would alleviate financial constraints, enabling entrepreneurs to undertake geological surveys and prospecting activities crucial for discovering new mineral deposits.

2. Technological Gaps:

Keeping up with advancements in exploration technologies is essential for successful prospecting. The fund could be utilized to bridge technological gaps by providing training programs and access to modern exploration tools, ensuring that Ghana remains competitive in the global mining landscape.

3. Environmental and Social Responsibility:

Exploration activities must adhere to environmental and social standards. The fund could support initiatives promoting responsible mining practices, ensuring that exploration endeavours prioritize environmental conservation and respect local communities, fostering sustainable development.

In summary: The global & economics of lithium.

Lithium demand is rising fast, driven by a wide range of battery applications, which are in turn changing the structure of demand, the lithium supply chain and potentially raw material requirements – although much remains uncertain;

Geologically ‘brine’ salars and ‘hard rock’ pegmatites remain the most important lithium deposit types in terms of producing and undeveloped resources, however, there are some interesting emerging sedimentary / clay deposits and unconventional brine concepts – and lithium remains very ‘under-explored’ globally.

Spodumene pegmatites in Ghana are the fastest-growing source of supply, however, long-term competitiveness may be dependent on successful downstream integration targeting the battery industry.

A case study concept of a Western Australian ‘Lithium Valley’ is possible for Africans and investors to adopt, despite the high cost, due to the number of quality mines, proximity to Asia, and the unit reduction in freight cost associated with the low-grade spodumene concentrate. In addition to the ‘cluster effect’ of many minerals’ businesses, specialists, and students.

The ‘green’ association of lithium use presents a challenge of ‘strategic coherence’ to explorers and miners impacting decisions around exploration, mining, investors, stakeholders, and leadership;

But remember, we are in an unsustainable ‘lithium boom’ of high prices and high-volume growth- future long-term growth of the industry is reliant on structurally lower prices, and thus structurally lower cost.


As Ghana looks towards the future, establishing an exploration fund is a pivotal step in unlocking the full potential of its mineral wealth. Ghana can position itself as a leader in responsible and sustainable mining practices by fostering local participation, mitigating risks, and embracing technological advancements.

The commitment to invest in exploration activities addresses historical challenges and paves the way for a more inclusive and prosperous mining industry that benefits all stakeholders. Today, plans are underway to bring 8 African Countries to Join one of the finest Precious Stone and Exploration Funds in Europe.

The establishment of this setup between the fund company and an Exploration Fund in Ghana is not merely an economic strategy but a pivotal step towards inclusive development. By empowering local participation, redistributing wealth, and addressing challenges associated with exploration activities, Ghana can unlock its full potential, fostering a resilient and sustainable future.


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