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Gold Contributes 16% Govít Domestic Revenue   
 
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24-Feb-2016  
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Data released by ministry of lands and natural resources indicates that the minerals and mining sector contributes 16 % to government’s domestic revenue in the country.

According to the data, the total investment inflow to the minerals and mining sector since 1983 is about 15 billion US dollars, however, the growth in the sector has not been without cost.

This was stated in the policy document circulated at the official launch of the Minerals and Mining Policy of Ghana in Accra yesterday.

The document asserted that one of the major costs that need to be highlighted was the environmental damage resulting from irresponsible mining activities by Ghanaians and Chinese illegal miners.

It noted that even though a plethora of policies, laws and regulations exist, the issue of destroying water bodies and fertile farmlands in gold mining communities was still a source of grave worry to the government.

According to the document, the annual gold production which was hovering around 240,000 ounces in 1984, started to appreciate.

He underscored that ten years later, in 2004, gold production was over 2 million fine ounces, adding that currently annual gold production has hit 4.4 million ounces.

Similarly, according to the document, there were significant increases in the production of bauxite, diamond and manganese.

In an interview with Today, Minister of Lands and Natural Resources, Nii Osah Mills, pointed out some thirty-three (33) years ago, the minerals and mining sector was at its lowest ebb and so also was the economy of Ghana.

According to him, to reverse this trend a number of intervention programmes were initiated in 1983 during Ghana’s economic recovery programmes.

And specific programmes for the minerals and mining sector, Mr. Mills noted, included divesting the failing erstwhile state Gold Mines; rehabilitation and retooling of existing mines at the time liberalisation of the exchange rate regime and pursuing attractive economic policies to attract investment.

The programmes, he added, were aimed at instituting a comprehensive and attractive legal, fiscal and institutional framework for the minerals and mining sector.

According to him, these measures helped, in no small way, to attract investment into the minerals and mining industry, particularly the gold sector.


 
 
 
Source: Today
 
 

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