What's Happening?
The President of the Ghana Chamber of Mines, Mr. Michael Edem Akafia, has urged the government to pass a Minerals Revenue Management Act to enhance transparency and accountability in the use of Ghana's mineral wealth. Speaking at the 11th Ghana Mining
Industry Awards, Akafia emphasized the need for a structured framework similar to that for petroleum revenue. He highlighted the importance of such legislation for intergenerational equity and efficient use of mineral revenues. The event also addressed issues like illegal mining and the need for policy consistency to attract long-term investments in the mining sector.
Why It's Important?
The call for a Minerals Revenue Management Act is crucial for ensuring that Ghana's mineral wealth is managed sustainably and equitably. Such legislation could bolster public confidence and secure long-term benefits for the country. The mining sector is a significant contributor to Ghana's economy, and improved management of its revenues could lead to enhanced economic stability and growth. Additionally, addressing illegal mining and ensuring policy consistency are vital for maintaining Ghana's competitiveness as a mining hub, which could attract more investments and foster economic development.
