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 attract and maintain investment in the capital-intensive and high-risk mining sector. He advocated for a Minerals Revenue Management Act to promote transparency and equitable use of mineral revenues. The Chamber also praised the government's decision to remove VAT on exploration activities, which is expected to attract new investments and enhance Ghana's competitiveness as a mining destination. The event highlighted the industry's contributions to community development and recognized outstanding achievements in safety, innovation, and operational excellence.
Why It's Important?
The call for consistent mining policies is crucial for Ghana's economic stability and growth. The mining sector is a significant contributor to the national economy, and policy predictability can enhance investor confidence, leading to increased foreign direct investment. The proposed Minerals Revenue Management Act could ensure that mineral revenues are used transparently and equitably, benefiting both local communities and the broader economy. The removal of VAT on exploration activities is a strategic move to attract new investments, which could lead to job creation and increased mineral reserves. However, the threat of illegal mining remains a challenge, necessitating stronger enforcement and support for state institutions to protect the country's natural resources.
