The Minerals Income and Investment Fund (MIIF) introduced a GH¢20 million scholarship program designed to empower women from mining communities.
In partnership with the University of Mines and Technology (UMaT), the initiative aims to boost female representation in a predominantly male industry.
Edward Nana Yaw Koranteng, CEO of MIIF, underscored the vital need to invest in human capital alongside financial investments within the mining sector during the launch event.
“We believe that just investing in equity, investing in the value chain etc. without investing in human capacity or human development will really just take us nowhere; you know, we hit a wall at a point in time,” Mr. Koranteng stated.
The scholarship program intends to assist up to 100 women each year from disadvantaged families in mining communities, prioritizing talented students pursuing STEM courses, particularly in engineering and metallurgy. This effort is integral to MIIF’s overarching strategy to align human resource development with government policies and the fund’s objectives.
Mr. Koranteng highlighted the stark gender imbalance in the mining industry, noting: “There’s a huge gender disparity. If you look at mining, for example, you have just about 9 percent of women in mining, especially when it comes to mainstream mining. You look at the C-suite of mining, it’s even less than 9 percent.”
Research indicates that increased female participation in the sector leads to greater value creation. Mr. Koranteng emphasised this point, stating: “If you do research, it will tell you that the more you invest in women, the more you have women in the sector, the more value is created for the sector”.
The MIIF-UMaT Women in Mining Scholarship Scheme represents a strategic investment in Ghana’s future, addressing gender inequity alongside broader developmental goals.
Mr. Koranteng likened this initiative to other government educational programs like the Free Senior High School (SHS) program, highlighting the critical need for such investments.
The CEO underscored the significance of human capital in national development, especially within the realm of natural resource management.
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He highlighted the disparity between resource-rich countries such as the Democratic Republic of Congo and resource-poor yet economically advanced nations like Japan to illustrate his point.
The scholarship scheme forms part of MIIF’s comprehensive educational and research initiative.
Mr. Koranteng disclosed plans to broaden the program’s reach, stating, “We’re looking at whether we can support other universities like the University of Ghana and the University of Science and Technology.”