, shared deep insights on global gold price dynamics, Africa’s growing relevance in critical minerals, and Ghana’s mining investment outlook.){kind=link}
In an exclusive interview, Edward Nana Yaw Koranteng, former Chief Executive Officer of the Minerals Income Investment Fund (MIIF), shared deep insights on global gold price dynamics, Africa’s growing relevance in critical minerals, and Ghana’s mining investment outlook.
Mr. Koranteng, who accurately predicted in 2023 that gold prices would surpass US$3,000 per ounce, attributed the surge to interconnected global macroeconomic and geopolitical factors.
“Post-COVID-19 supply chain challenges, inflation, the Russia-Ukraine war, and central banks’ appetite for gold as a derisking mechanism have all created a perfect storm,” he said. “Gold remains the safest hedge against inflation and global uncertainty.”
He, however, cautioned that the price rally might slow down if geopolitical tensions ease or liquidity pressures compel central banks to reduce gold holdings.
“We are already seeing some central banks, like Turkey, offload gold for liquidity. A resolution in U.S.-China trade tensions could trigger sharp corrections,” he noted.
Highlighting Africa’s unique position, Koranteng said the current gold boom presents one of the “best times in history” for African producers such as Ghana, Mali, and South Africa.
He praised Bawumia’s Domestic Gold Purchase Programme and called for innovative financial instruments like gold-backed ETFs to deepen the country’s capital markets.
“The South African GLD ETF has returned over 300% in four years. Ghana can replicate this success,” he added.
Mr. Koranteng also cited examples from other African nations, such as Zimbabwe’s gold-backed digital tokens and South Africa’s blockchain-based gold tracking system (SAPMR) as models Ghana could adapt to formalize and strengthen its small-scale mining sector.