Ghana needs mining sector policy framework – Ghana Chamber of Mines

Ghana needs mining sector policy framework – Ghana Chamber of Mines

The Ghana Chamber of Mines (GCM) says government has to initiate a feasible policy framework to guide the extractive sector for development. Mining

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The Ghana Chamber of Mines (GCM) says government has to initiate a feasible policy framework to guide the extractive sector for development.

Mining communities such as Obuasi, Tarkwa, Akwatia and many others have been bedevilled with poor infrastructures, despite the worth of minerals entombed in these areas, despite the royalties the mining companies claim they pay.

Additionally, these companies have argued that since they fulfil their tax obligations to the state, the responsibility lies on the government to develop the mining areas.

To realise the needed development in mining communities, Dr Steve Manteaw, Policy Analyst at Integrated Social Development Centre (ISODEC), who also triples as Chairman, Public Interest and Accountability Committee (PIAC) and Co-Chair   of Ghana Extractive Industries Transparency Initiative (GHEITI), argued that a Mineral Revenue Management Law, for transparency and accountability for the mining sector is urgently needed to reverse these deficits.

Speaking at a two-day media workshop organised by GCM in Accra, Mr Manteaw stated that the country is living dangerously for treating its mineral revenue as income for consumption rather than investment.

“Indeed, we have no framework governing the management and use of mineral revenues.  Expenditures fluctuated with the boom and burst cycles of the mining industry and nothing was set aside to support state participation in the industry,” he explained.

The PIAC chairman indicated that although there had been several international efforts at addressing the problem, including the Extractive Industries Transparency Initiative, the Natural Resource Charter IMF Guide on Resource Revenue Transparency and Africa Mining Vision, Ghana does not have framework for the mining sector.

“Ghana has developed such framework for its petroleum sector but has failed to do same for its mining sector,” he lamented.

Mr Manteaw used the platform to caution the country against unduly duplication of costs in achieving a common objective for both the petroleum and minerals resources, since they both have similar characteristics.

By: Umar Sheriff/awakenewsonline.com