Ghana: Stanbic Bank, the IMF and global investors focus on the country's mining potential

Ghana, already recognised as one of Africa's leading gold miners, is increasingly attracting the attention of international financial institutions and investors determined to exploit its vast mining potential. Stanbic Bank Ghana, in partnership with the International Monetary Fund (IMF) and global players, has highlighted the economic opportunities presented by Ghana's mining sector.

Ghana, Africa's second largest gold producer behind South Africa, has seen its gold production reach record levels in recent years, driven by giants such as Newmont and AngloGold Ashanti. But beyond gold, the country has a wealth of untapped resources, including bauxite, manganese and, more recently, lithium, whose importance is growing with the global energy transition. These assets make Ghana a strategic destination for investors looking to diversify their commodity portfolios.

Stanbic Bank Ghana, a subsidiary of the South African Standard Bank group, plays a key role in this dynamic. At the Paris conference, its representatives emphasised their commitment to financing large-scale mining projects, in collaboration with the IMF. The IMF, which is supporting Ghana as part of a $3 billion economic recovery programme approved in 2023, sees the mining sector as a lever for strengthening the country's financial stability. "The mining sector is a pillar of the Ghanaian economy, and its sustainable development is essential to attract foreign investment", said an IMF spokesman.

The discussions also highlighted the need to improve infrastructure, in particular roads and ports, to facilitate the mining and export of minerals. European and Asian investors present at the event expressed keen interest in joint projects, particularly in the extraction of bauxite, Ghana's reserves of which are estimated at several hundred million tonnes.

The emergence of lithium in the Ghanaian mining landscape adds a strategic dimension to these ambitions. With global demand booming for electric vehicle batteries, Ghana is looking to position itself as a key supplier. Recent explorations in the Western Region have revealed promising deposits, attracting the attention of international companies specialising in green technologies.

However, the players involved insist on responsible mining. Stanbic Bank has reaffirmed its commitment to sustainable mining practices, in line with the United Nations' Sustainable Development Goals (SDGs). "We want Ghana to become a model of mining that benefits local communities while meeting global needs," said a senior bank official.

Despite this optimism, challenges remain. The volatility of commodity prices, tensions over land ownership with local communities and the need for massive investment could put the brakes on progress. The Ghanaian government is aware of these issues and is working to simplify regulations and offer tax incentives to attract investors.

As the country seeks to consolidate its position on the African stage, all eyes are on achieving these ambitions by 2025 and beyond.