Accra: The planetGOLD Ghana Project, through the Environmental Protection Authority (EPA), has organised a two-day training workshop focused on enhancing financial inclusion and promoting responsible supply chains within Ghana's Artisanal and Small-scale Gold Mining (ASGM) sector.
According to Ghana News Agency, the training was held in collaboration with the United Nations Development Programme (UNDP) and the United Nations Industrial Development Organization (UNIDO). It aimed to provide a platform that strengthens miners' financial literacy and enables financial institutions to better understand the specific needs of the ASGM value chain.
Mrs. Jewel Kudjawu, Director of the Inter-Sectorial Network at the EPA, highlighted the strategic role of financial institutions in advancing Ghana's ASGM sector. She emphasized that the initiative not only equips artisanal miners with the necessary skills to engage effectively with banks but also helps financial institutions appreciate the sector's unique characteristics. "Together, we can design sustainable financial solutions that promote formalization and strengthen responsible supply chains," she stated.
Ghana's ASGM sector contributes an estimated 30-40 percent of national gold output and directly employs about one million people, with another four to five million indirectly dependent on it. Despite its significance, around 80 percent of operations remain informal, limiting access to finance and responsible market opportunities. The continued use of mercury poses threats to both health and the environment.
Dr. Frank Boateng, a Mining Finance Expert from the University of Mines and Technology, noted that the training would emphasize sustainable mining practices, focusing on environmental, social, and governance (ESG) standards as essential for maintaining operations and attracting investment. The training will also address the sector's risk profile and explore the design of tailored financial and insurance products for artisanal and small-scale miners.
Participants expressed satisfaction with the knowledge gained, recognizing its importance in enabling them to access formal financial services. Ms. Amanda McSamuel, Head of SME Business at Enterprise Insurance, highlighted the significance of building trust and creating mutually beneficial solutions, noting the potential to develop insurance products tailored to the ASGM sector.
Mr. Richard Osei of Okutey Mine in the Prestea Huni Valley District expressed enthusiasm about the training, saying, "I now understand the requirements and processes needed to secure financing and investment from banks and insurance entities. I feel empowered to approach them for support."
The planetGOLD Ghana Project, funded by the Global Environment Facility (GEF) and implemented by the EPA, seeks to address mining challenges by promoting mercury-free technologies, improving access to finance, and strengthening responsible supply chains. The training workshop is part of broader efforts to formalize the sector, protect the environment, and enhance the livelihoods of mining communities throughout the country.
