What's Happening?
The Ghana Chamber of Mines has reiterated the need for stable and predictable mining policies to ensure long-term investment and sustainable growth in the industry. During the 11th Ghana Mining Industry
Awards, President of the Chamber, Mr. Michael Edem Akafia, emphasized the importance of policy consistency, particularly in fiscal regimes, to mitigate risks for mining companies. He advocated for the establishment of a Minerals Revenue Management Act to promote transparency and equitable use of mineral revenues. The Chamber also commended the government for scrapping VAT on exploration activities, a move seen as enhancing Ghana's competitiveness as a mining destination. The event highlighted the industry's role in community development and recognized outstanding contributions in safety, innovation, and operational excellence.
Why It's Important?
The call for policy consistency is crucial for the mining sector, which is capital-intensive and requires long-term investments. Stable policies can attract more investors, ensuring the growth and sustainability of the industry. The proposed Minerals Revenue Management Act aims to enhance transparency and accountability, ensuring that mineral revenues benefit both current and future generations. This is particularly significant for Ghana, a leading gold producer in Africa, as it seeks to maintain its competitive edge in the global market. The government's decision to remove VAT on exploration activities is expected to stimulate investment and expand mineral reserves, further solidifying Ghana's position as a preferred mining hub.
