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. During the 11th Ghana Mining Industry
Awards, President of the Chamber, Michael Edem Akafia, highlighted the risks posed by fluctuating regulatory frameworks, particularly in fiscal regimes, to mining companies with long-term investments. He urged the government to establish 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. The event recognized outstanding contributions in safety, innovation, and community development, with AngloGold Ashanti Iduapriem Mine named Mining Company of the Year.
Why It's Important?
The call for consistent policies by the Ghana Chamber of Mines is crucial for attracting and retaining investment in the mining sector, which is capital-intensive and high-risk. Stable policies can enhance investor confidence and ensure that the industry contributes significantly to the national economy. The proposed Minerals Revenue Management Act could improve transparency and accountability in the use of mineral revenues, benefiting both host communities and the broader economy. Additionally, the removal of VAT on exploration activities is seen as a positive step towards enhancing Ghana's competitiveness as a mining destination. These developments are vital for maintaining the industry's reputation and ensuring responsible mining practices.
What's Next?
The Chamber of Mines plans to continue collaborating with the government, regulatory bodies, and civil society to build a modern and globally competitive mining industry. The focus will be on ensuring policy stability and addressing challenges such as illegal mining. The Chamber's leaders have called for enhanced enforcement and support for state institutions to tackle illegal mining activities. As the sector navigates global transitions like digitalization and decarbonization, the Chamber aims to align with these trends while maintaining sustainability and ethical standards. The ongoing partnerships with regulatory bodies will be crucial in maintaining clarity in policy implementation and protecting the environment.
