March 29, 2022

MIIF To Support Quarry Companies Revive

Minerals Income Investment Fund (MIIF) has shown a great deal of indelible commitment to support and revive the quarry sector.

As part of its numerous programs and initiatives to support the mineral producing companies in the country, the quarry sector has been captured to receive support from MIIF.

Chief Executive officer (CEO), of MIIF, Mr. Edward Nana Yaw Koranteng, stated that, research embarked shows the sector is facing major problems in the area of price undercutting, especially by foreigners, lack of access to bank loans and encroachment around quarry sites.

He divulged that, the quarry sector is not able to offer its annual GHC 100 million due to these challenges.

Mr. Edward Nana Yaw Koranteng indicated that, without drastic measures taken to ameliorate and curb the challenges in the sector, can lead Ghana to import stones for construction works, projects, and road projects.

As a result, MIIF, has introduced a derisking mechanism, that’s to support quarry companies in getting access to loans.

Mr. Nana Yaw Koranteng, said, MIIF is willing to guarantee for quarry companies in getting loans and in situations where there is a challenge in repayment, will cover up for the company.

Source: Source: Mensah William.

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