What's Happening?
The Ghana Chamber of Mines has reiterated its call for stable and predictable mining policies to ensure long-term investment and sustainable growth in the sector. This appeal was made by Michael Edem Akafia, President of the Chamber, during the 11th Ghana Mining
Industry Awards in Accra. Akafia emphasized that the mining industry in Ghana is at a critical juncture, facing global competition and rising societal expectations. He highlighted the risks posed by frequent changes in regulatory frameworks, particularly fiscal regimes, which can deter investment in the capital-intensive and high-risk mining sector. The Chamber advocates for a transparent and balanced policy environment that supports both national interests and business growth. Additionally, the Chamber's CEO, Ing. Dr. Kenneth Ashigbey, praised the government's decision to scrap VAT on exploration activities in the 2026 Budget, viewing it as a step to attract new investments.
Why It's Important?
The call for consistent mining policies is crucial for maintaining investor confidence and ensuring the sustainable development of Ghana's mining sector. Frequent regulatory changes can create uncertainty, deterring long-term investments that are essential for the industry's growth. By advocating for a stable policy environment, the Chamber aims to enhance Ghana's competitiveness as a mining destination. The removal of VAT on exploration activities is seen as a positive move to attract new investments, which could lead to increased economic activity and job creation. Furthermore, the establishment of a Minerals Revenue Management Act could ensure transparency and equitable use of mineral revenues, benefiting the broader economy.
What's Next?
The Chamber of Mines plans to continue collaborating with the government, regulatory bodies, and other stakeholders to build a modern and globally competitive mining industry. This includes advocating for stronger enforcement against illegal mining activities and supporting state institutions in upholding the rule of law. The Chamber's efforts aim to foster responsible mining practices and enhance the industry's reputation. Future discussions may focus on implementing the proposed Minerals Revenue Management Act to ensure transparent governance of mineral revenues.
Beyond the Headlines
The push for policy consistency in Ghana's mining sector reflects broader challenges faced by resource-rich countries in balancing economic growth with regulatory stability. The industry's reliance on long-term investments necessitates a predictable policy environment to attract and retain investors. Additionally, the focus on responsible mining practices highlights the industry's commitment to environmental sustainability and social responsibility. These efforts align with global trends towards ethical and sustainable resource extraction, which could position Ghana as a leader in responsible mining.
