Chamber of Mines to promote mineral revenue management bill
The Chamber of Mines intends to promote a mineral revenue management bill that will govern the utilisation of mineral revenue in the country.
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The President of the Chamber, Mr Kwame Addo-Kuffuor, who disclosed this at the 2016 Ghana mining Industry Awards, said the chamber would work closely with authorities in the sector and civil society organizations (CSO) in coming up with the bill.
Some CSOs in the past have raised issues on the lack of transparency in the allocation of mineral revenues in the country and had called on the government on a number of occasions to institute a law on mineral revenue and management.
The mineral revenue management bill is, therefore, expected to ensure accountability, transparency and equitable distribution of revenues from the sector.
Mr Addo-Kuffuor said it was the expectation of the Chamber that such a law, together with the recently passed minerals revenue development fund would help renew and transform the mining communities.
Chamber’s support
The President also assured the players in the industry that the Chamber would continue to be proactive in stimulating development of the sector.
He said it would also collaborate with stakeholders, particularly the government to create an environment that would deepen mutual value for investors and the state.
“Through dynamic and innovative leadership, the chamber will position the mining industry to be more deeply integrated into the non-mineral economy of the country,” he stated.
Contribution to the economy
Mr Addo-Kuffuor pointed out that although mines were finite, the essential contribution of the mining industry to the economy was not.
Statistics from the Ghana Revenue Authority indicated that, the minerals and mining sector continues to be a leading source of revenue for the country.
In 2015, producing member companies of the Chamber returned into the country US$ 2.6 billion of the realised mineral revenue of US$ 3.1 billion, representing 85 per cent of the stated amount.
Out of this amount, US$ 2.1 billion was returned through the commercial banks with the remaining coming through the Bank of Ghana.
Mr Addo-Kuffuor said this had greatly supported the stabilization of the cedi against the country’s major trading currencies, especially the US dollar.
Impact of galamsey
A former President of the Chamber of Mines, Mr Kwaku Andoh Awortwi who was the guest speaker also raised issues about the impact of galamsey on the activities of mining companies.
He said one thing that had really surprised him was the rise of illegal mining which currently stood at 35 per cent, overrunning the largest mine that the country ever had; Anglogold Obuasi mine.
Mr Awortwi further also urged mining companies to be proactive in meeting dynamic needs of their respective companies, communities in which they operate and the sector at large.
“Government usually introduces policies or changes the laws in order to achieve political interests…We have to be proactive with things that we are familiar with in order for us to thrive,” he stated.
Awards
Newmont Gold Ghana Limited- Ahafo Mine, was awarded the mining company of the year 2015.
The company also walked away with the best company in innovation, best company in environmental management.
Anglogold Ghana was adjudged the best Corporate Social Responsibility Company of the year, whiles the West Coast Resources also won the best company in exploration.
A former CEO of the Ghana Chamber of Mines, Ambassador Bentum Williams was presented with the Lifetime Achievers Award.