The Vice President, Dr Mahamudu Bawumia on Wednesday challenged mining companies operating in Ghana and the West African sub-region to work with Government’s regulatory bodies to establish a mining index on local Stock Exchanges to allow both the owners and investors in minerals to benefit from its exploitation.

According to Dr. Bawumia, the benefits of a mining index on the local bourse are enormous, enabling both the State, Mining Companies, beneficiary communities and investors to attract the necessary capital and built in incentives for all involved.

In his address at the opening session of the three-day West African Mining and Power Exhibition and Conference (WAMPOC/WAMPEX) in Accra on Wednesday, the Vice President urged African countries to hasten the development of the capacity to interact with the world’s natural resources banks, fund managers and the leading stock exchanges in the world to allow locals to benefit more from the minerals bequeathed to them by nature.

“In this regard, let me sound a clarion call on the big mining companies operating here in Ghana and indeed, the West African sub-region, to work towards the emergence of a mining index on our Stock Exchanges and thereby accelerate their growth and significance in African mining.

“This will require deep collaboration among the local stock exchanges, their regulators, as well as mining firms to incentivize Ghanaians to own listed greenfield exploration projects as the upside on such investments tend to be higher”, he noted.

While acknowledging the enormous resources found on the African continent, the Vice President called for a careful balance between the profit-seeking needs of investors, and the sustainable living needs of the communities within which the minerals are found.

“Yes, Africa is endowed with many mineral resources but while the availability of the resources is important, the over-riding aim for all parties should be the evolution of a carefully balanced mechanism to ensure that the resources of the state benefit the owners of the resource and at the same time extend benefits to investors to ensure that the State is able to sustainably attract the needed capital, investment and technical know-how from a world which has come to the realization that Africa is the continent of the future.

“Significantly, the African Union has been reassessing critically the real significance of mining to host country economies over the years. As a result of these efforts, the African Mining Vision (AMV) emerged as far back 2009. In essence the African Mining Vision seeks to ensure the transparent, responsible, equitable and optimal exploitation of Africa’s Mineral resources for broad-based sustainable socio-economic development for the host Governments and its citizenry,” he disclosed.