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Gold buyers in Obuasi, Dunkwa, New Abirem and Prestea have called on government to create a conducive environment for more investment into the extractive sector, which they described as “a key sector, which largely contributes to the total revenue of the country. 

According to them, the country needs to do more to attract foreign direct investments (FDI) for the mining sector in Ghana.

They pointed out that the current economic challenges were gravely affecting the mining business’s growth.

The noted that the unending loading shedding exercise, the cedi’s continuous fall against major trading currencies, improper regulatory framework and the external shocks and pressures were killing the industry.

Data from the Bank of Ghana (BoG) indicate the share of mineral exports in total merchandise exports reduced to 34 per cent in 2014 as compared to 37 per cent in 2013.

Speaking to Today, a gold buyer from Prestea, Mr. James Kwame Asare, stated that the current challenges confronting the Ghanaian economy, if not checked, would affect foreign direct investments, in the mining sector.

Mr. Asare thus, stressed the need for the country to look at what the problem is from gold prices to what environment there is in making Ghana an attractive investment destination.

Meanwhile President of the Ghana Chamber of Mines, Johan Ferreira, has raised similar concerns on Citi FM,calling on the government to, as a matter of urgency, look at ensuring that the country creates the conducive atmosphere for more investments into the sector.