Skip to main content

Chamber of Mines Reiterates Call for Establishment of Mineral Revenue Management Act


The Ghana Chamber of Mines has reignited calls for the establishment of a Mineral Revenue Management Act to ensure that mineral revenue is managed in a transparent and accountable manner. According to Dr. Ign. Kenneth Ashigbey, CEO of the Chamber, such a law would provide a framework for effective utilization of mineral revenue for national development.

We believe that if we had a minerals revenue management act, just as the petroleum revenue management act, where you know the amount and the percentages, then the funds can be tailored into particular investments," Dr. Ashigbey said this in a media briefing on the performance of the mining sector in the 2024 fiscal year. He added that  "This would enable us to track how mineral revenue is being utilized and ensure that it is contributing to the development of the country."

The Chamber's call comes on the back of data from the Bank of Ghana indicating that the mining sector is the biggest contributor of foreign exchange and GDP to Ghana's economy. Despite this, the country has not seen tangible development benefits from mining, with many communities in mining areas still lacking basic infrastructure and social amenities.

Mineral Revenue Management Act, Ghana Chamber of Mines

In 2024, Ghana's mining sector played a significant role in driving the country's GDP growth. The mining and quarrying sub-sector experienced robust growth, particularly in the first quarter, with a 12.9% year-on-year increase and 3.0% quarter-on-quarter growth when seasonally adjusted. This growth was a major factor in the overall 5.7% GDP growth for 2024, exceeding expectations. 

Dr. Ashigbey cited examples of mining companies investing in infrastructure development, such as road construction, and suggested that a percentage of mineral revenues could be allocated to develop the railway sector, which would have a transformative impact on the economy.

A good percentage of mineral revenues can go into activities that facilitate development," he said. "If we can use mineral revenues to develop the railway sector, it would be a step in the right direction."

The Chamber believes that a Mineral Revenue Management Act would provide a framework for transparent and accountable management of mineral revenue, ensuring that the benefits of mining are shared equitably among Ghanaians. This, according to Dr. Ashigbey, would help to demystify the myth that mining is not contributing to national development.

The call for a Mineral Revenue Management Act is not new, but the Chamber believes that it is imperative for the government to prioritize this initiative in order to ensure that mineral revenue is utilized effectively for the benefit of all Ghanaians.

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more