In 2023, producing member companies of the Chamber spent US$3.1billion on locally sourced goods and services, accounting for 53 percent of the industry’s total mineral revenue of US$5.9billion. This reflects a growing commitment to strengthening the local supply chain.
According to Dr. Koney, data from the Minerals Commission further underlines the sector’s deepening local economic impact. He noted that the Commission’s tracking of expenditure on 50 key mining-related items shows that mining companies purchased inputs worth US$2.4billion from local vendors – including both manufacturers and retailers – accounting for 41 percent of total mineral revenue in 2023.
Given these trends, he emphasized that with a pipeline of new mining projects underway, the industry anticipates even greater economic contributions through increased local procurement and higher levels of mineral revenue retention.
Dr. Koney was speaking at the commissioning of the FLSmidth Service Centre in Accra and said: “Ghana’s mining sector is poised to deepen its developmental footprint and become a major hub for mining support services”.
To this end, he stressed that the “true value of our industry extends beyond extraction, it lies in how we leverage technology, innovation and local expertise to enhance productivity, sustainability and socio-economic benefits”.
As the ecosystem of local mining support service providers expands, the sector is not only generating more employment opportunities but also improving value retention within the country.
This shift is fostering broader economic development, creating a more resilient mining industry that prioritises local capacity building and long-term sustainability.
Dr. Koney recognised that “the mining sector’s greatest impact on job creation is through its relationship with mining support service providers, such as FLSmidth”.
To optimise this potential, he stated that the Chamber and its member companies prioritise purchases of goods and services from resident companies.
FLSmidth is a leading mining technology and service supplier. The company, this year, plans to open or expand seven service centres in strategic locations across the globe.
These facilities are in direct support of FLSmidth’s CORE’26 mining strategy, which includes targetting service growth and adds to its already comprehensive global network of service centres that can enhance mining customers’ productivity.
Countries where the new facilities are expected to be opened besides Ghana are Indonesia and Saudi Arabia, whereas expansions are planned for Brazil, Kazakhstan and Mongolia.
Dr. Koney acknowledged that the FLS Service Centre plays a crucial role in advancing in-country value and local content for the mining sector. He added that it offers world-class equipment servicing, spare-parts and technical support to minimise downtime and improve operational efficiency for mining firms, among others.
“The success of Ghana’s mining industry hinges on collaborative partnerships between government, the private sector and key stakeholders. In that regard, I commend FLSmidth for its foresight in establishing this facility and for reaffirming its commitment to Ghana’s industrial and economic progress.”
He urged other industry players to explore similar value-enhancing initiatives that promote efficiency, sustainability and long-term sectoral growth.
Also, Head-Professional Services, FLSmidth, Christian Fabry said: “Our service centres serve primarily as workshops for improving or repairing customer equipment and can also have warehousing capabilities for distribution.
“With these new openings and expansions, we further strengthen our service capabilities and best-in-class service offerings to customers.”
Source: thebftonline.com
