Gold Fields Vice President envisions Ghana Club 100 Awards as a Fortune 500 equivalent
Joshua Mortoti, Executive Vice President and Head of the West Africa region for Gold Fields, has revealed the company’s ambitious plan to collaborate with AngloGold Ashanti in the creation of what could arguably be Africa’s largest gold mine, situated in the Tarkwa enclave with the mega project having the potential to rank among the top five gold mines globally.
The joint venture (JV) between the two gold mining firms will combine Gold Fields’ Tarkwa gold mine and AngloGold Ashanti’s adjacent Iduapriem gold mine.
The JV is expected to produce an annual average of 900,000oz in gold production over the first five years. It will then stand at 600,000oz over the 20 years estimated life of the operation.
Mr Mortoti made the assertion during the launch of the Ghana Investment Promotion Centre’s (GIPC) Ghana Club 100 Awards and the Ghana Investment and Trade Week on Tuesday, July 25, 2023.
Having successfully completed 19 editions, Mr Mortoti asserted that the Ghana Club 100 has matured and should now be regarded in the league of prestigious indices such as Fortune 500, S&P, and Dow Jones Sustainability Index. He stressed the need for businesses to view their ranking in the Ghana Club 100 not merely as a badge of honor but as a tangible competitive advantage.
Gold Fields, a key promoter of Ghana as an investment destination, applauded GIPC’s introduction of the Ghana Investment and Trade Week, highlighting the importance of such events in fostering strategic partnerships, promoting investment opportunities, and showcasing Ghana’s potential for trade and investment.
The Executive Vice President and Head of the West Africa region for Gold Fields, however, emphasized the necessity for GIPC to intensify its advocacy efforts to ensure both local and foreign investments receive robust protection in the country, identifying stability in the macroeconomic environment and a predictable fiscal regime as key requirements for businesses to thrive.
He urged the GIPC to actively advocate for the safeguarding of businesses that have already invested in Ghana, stating that the GIPC strengthens collaboration with regulators and business associations, such as the Minerals Commission and the Ghana Chamber of Mines, especially for industries like mining that significantly contribute to the country’s economic development.
Concluding his remarks, Mr Mortoti expressed hope that in the future, achieving a Ghana Club 100 ranking would come with fiscal and other incentives, thereby enabling businesses to flourish and make even greater contributions to the nation’s development.
Since its inception in 1998, the Ghana Club 100 Awards have been dedicated to promoting effective corporate governance, serving as a benchmark for corporate excellence, and acknowledging the private sector’s achievements and contributions to Ghana’s development.
The awards scheme celebrates the top 100 enterprises and outstanding companies in strategic sectors, including Agriculture and Agribusiness, Financial Services, ICT, Infrastructure, Petroleum, Mining Services, Manufacturing, Tourism, Health, and Education.
