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 ensure transparency and sustainable use of the country's mineral wealth. Speaking at the 11th Ghana Mining Industry
Awards, Akafia highlighted the need for a structured framework similar to the petroleum revenue governance to strengthen public confidence and secure long-term benefits. The Chamber's CEO, Ing. Dr. Kenneth Ashigbey, praised the government's decision to scrap VAT on exploration activities, which is expected to boost investment. The event also addressed the challenges of illegal mining and the need for policy consistency to support the sector's growth.
Why It's Important?
The proposed Minerals Revenue Management Act is seen as a critical step towards ensuring that Ghana's mineral wealth is managed responsibly and transparently. By adopting such legislation, the government can enhance public trust and ensure that mineral revenues are used efficiently for the benefit of all citizens. The removal of VAT on exploration activities is a strategic move to attract more investments, which is vital for maintaining Ghana's status as a leading mining destination. Addressing illegal mining and ensuring policy consistency are essential for safeguarding the environment and promoting sustainable industry growth.
