MIIF calls for ESG to underpin issuance of mining licenses

The Minerals Income Investment Fund (MIIF) has integrated Environmental, Social, and Governance (ESG) principles into its investment strategy, aiming to transform the mining sector into a key economic pillar while ensuring long-term environmental sustainability. Edward Nana Yaw Koranteng, MIIF s CEO, emphasized the importance of ESG in mining investments due to their direct environmental impact. This focus is particularly relevant given the negative effects of illegal small-scale mining, or galamsey , on Ghana s environment, including cocoa production decline and forest loss. MIIF s strategy addresses these issues by implementing concrete ESG policies, with every investment and program evaluated through an ESG lens. The Small-Scale Mining Incubation Program is one initiative that focuses on traceability, environmental governance, and ESG principles to improve the sustainability of legitimate mining operations. MIIF s approach aligns with government policies on mining sustainability, including regulations for decommissioning mining sites and environmental bonding. The organization also supports efforts to clear silted rivers caused by illegal mining and promotes environmental awareness across various sectors. Despite challenges, Mr. Koranteng remains optimistic about the growing environmental advocacy in Ghana and the support from government policy and companies like MIIF. This ESG-centric approach could make Ghana s mining sector more attractive to international investors who prioritize ESG considerations. In summary, MIIF s commitment to ESG principles aims to transform the mining sector in Ghana into a sustainable economic pillar, addressing environmental concerns and aligning with global trends in responsible investing. The organization s philosophy, as stated by Mr. Koranteng, highlights the interconnectedness of environmental health and human lifespan, emphasizing the importance of sustainable resource management in Africa.

Source: myjoyonline.com
Published on 2024-09-24