What's Happening?
The Ghana Chamber of Mines has emphasized the need for stable and predictable mining policies to ensure long-term investment and sustainable growth in the industry. This call was made during the 11th Ghana Mining Industry Awards held in Accra. Mr. Michael
Edem Akafia, President of the Chamber, highlighted the risks posed by fluctuating regulatory frameworks, particularly in fiscal regimes, which can deter investment in the capital-intensive and high-risk mining sector. He urged the government to maintain a consistent, transparent, and balanced policy environment that supports both national interests and business growth. The Chamber also advocated for a Minerals Revenue Management Act to promote transparency and equitable use of mineral revenues. Ing. Dr. Kenneth Ashigbey, CEO of the Chamber, praised the government's decision to scrap VAT on exploration activities, viewing it as a step towards attracting new investments and enhancing Ghana's competitiveness as a mining destination.
Why It's Important?
The call for policy consistency in Ghana's mining sector is crucial as it directly impacts investor confidence and the country's economic growth. Stable policies can attract long-term investments, which are essential for the development of the mining industry. The proposed Minerals Revenue Management Act could ensure that mineral revenues are used transparently and equitably, benefiting both local communities and the national economy. The removal of VAT on exploration activities is expected to boost investment, increase mineral reserves, and enhance Ghana's position as a leading mining destination in Africa. These developments are significant for the U.S. as they could influence global mineral supply chains and investment opportunities for American companies in Ghana's mining sector.
What's Next?
The Ghana Chamber of Mines plans to continue collaborating with the government, regulatory bodies, and other stakeholders to ensure the implementation of consistent and transparent mining policies. The Chamber will also focus on addressing illegal mining activities by enhancing enforcement and supporting state institutions. As the mining sector navigates global transitions such as digitalization and decarbonization, the Chamber aims to build a modern, ethical, and globally competitive industry. The success of these initiatives will depend on the government's commitment to maintaining policy stability and fostering an environment conducive to sustainable industry growth.
