The Ghana Extractive Industries Transparency Initiative (GHEITI) Secretariat at the Ministry of Finance has officially launched the 2021-2022 GHEITI Report.
The event was attended by key stakeholders in the mining, oil, and gas sectors, including the GHEITI Multi-Stakeholder Group (MSG) Co-Chair, Dr. Steve Manteaw.
GHEITI’s Commitment to Transparency
In his address, Dr. Steve Manteaw, GHEITI Multi-Stakeholder Group (MSG) Co-Chair, emphasized the significance of the reports, which were delayed due to the untimely passing of the former GHEITI Coordinator, Mr. Bashiru, in the last quarter of 2023.
Despite this setback, the GHEITI MSG successfully sought an extension from the EITI International Board, ensuring the completion and subsequent launch of these critical reports.
Dr. Manteaw highlighted that these reports mark the first since the passing of Mr. Bashiru, representing a milestone in Ghana’s commitment to transparency, accountability, and sustainable development in the extractive sectors.
“The reports we are about to launch are not just documents; they embody our dedication to promoting good governance in the management of our natural resources,” said Dr. Manteaw. ”
“They provide a detailed analysis of the performance of the mining, oil, and gas sectors during the period 2021-2022, offering critical insights into production trends, economic impacts, and policy directions.”
Key Findings and Impacts
The 2021-2022 GHEITI Report includes a comprehensive analysis of the mining, oil, and gas sectors.
Highlights from the report indicate a significant rebound in the mining sector in 2022, with substantial increases in GDP contribution and fiscal payments to the government.
Policy adjustments, such as the revision of withholding taxes on small-scale mining outputs, have positively influenced production levels, particularly in the small-scale gold sector.
These developments underscore the sector’s adaptability and the government’s responsiveness to industry dynamics.
Furthermore, the reports reveal how contributions to GDP and government revenue have driven growth and provided employment opportunities across the country.
The recommendations from the EITI reports have informed extensive policy restructuring in both the mining and oil and gas sectors, reaffirming the commitment to improving natural resource governance in Ghana.
Government’s Stance on Responsible Mining
Deputy Minister for Lands and Natural Resources, Mireku Duker, in a speech read on his behalf, reiterated the government’s commitment to promoting responsible mining practices.
He acknowledged the significant contributions of the mining industry to Ghana’s economy but also highlighted the need to address the negative environmental and social impacts associated with mining.
“The government of Ghana is dedicated to promoting responsible mining practices that catalyze sustainable socio-economic development,” he stated.
“We are actively revising and enhancing regulations to ensure responsible resource extraction, balancing economic growth with environmental protection.”
Future Directions
Hon. Duker also emphasized the importance of community engagement, value addition, and local content in the mining sector.
The government, he said, is prioritizing the development of downstream industries and local processing to maximize the value derived from Ghana’s mineral resources.
Initiatives such as the establishment of the Ghana Integrated Aluminum Development Corporation and the Ghana Integrated Iron and Steel Development Corporation aim to harness the potential of Ghana’s bauxite and iron ore resources, contributing to the creation of value-added products and economic growth.
“The collaboration with stakeholders is key to achieving our goals,” Duker concluded.
According to him, they are working closely with mining companies, local communities, civil society organizations, and other government agencies to ensure that mining activities are conducted transparently and accountably.
The launch of the 2021-2022 GHEITI Report is a testament to Ghana’s ongoing efforts to enhance transparency, accountability, and sustainable development in the extractive industries, setting a benchmark for good governance and responsible resource management.
