Western Regional Minister Joseph Nelson has expressed optimism about the future of Prestea Sankofa Gold Limited (PSGL) following the company’s acquisition of a new investor to support its turnaround efforts.
PSGL, a state-owned subsidiary of the Ghana National Petroleum Corporation (GNPC), has for years faced significant operational and infrastructural challenges that have affected its performance. According to Mr. Nelson, the mine continues to struggle with aging and heavily deteriorated equipment, as well as environmental concerns related to its old tailings dams.
However, the Minister believes the entry of Guangzhou Hozdo Group as a new investor marks a turning point for the company.
Describing the development as welcome news, Mr. Nelson said he was confident that the investment would help revitalize the mine and position it to make a greater contribution to the economy and the communities it serves.
“Prestea Sankofa has endured years of hardship, and I am confident that with this new investor, the company can be revitalized to better serve the nation and its people,” he stated.
The Minister noted that supporting struggling enterprises and helping them attract investment remains one of his priorities as regional leader. He emphasized that such interventions are critical to sustaining businesses, protecting jobs, and promoting economic growth in the Western Region.
The investment by Guangzhou Hozdo Group is expected to support efforts to address the mine’s operational difficulties and enhance its long-term viability as a key player in Ghana’s mining sector.
PSGL is one of the state-owned mining companies operating in Ghana and has faced challenges in recent years amid efforts to maintain production and improve operational efficiency. The latest investment is expected to provide a platform for the company’s recovery and future growth.
