Establish Stabilisation Mechanisms To Protect The Economy – ACEP

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Mr. Benjamin Boakye, the Executive Director of ACEP has called for the passage of mineral revenue management law which would guide the disbursement and utilisation of revenues in the mining sector.

According to him, the country had been mining since time immemorial, and there hasn’t been any framework to govern the receipts and expenditure of revenues, thus has to be accorded immediate attention.

The Minerals Revenue Management Law, he said was crucial to guaranteeing more efficient management and use of revenues from the mining industry. Explaining that, its management in the country had not been well organised thus, resorted to administrative process of disbursing 10% of royalties to agencies and communities.

He said, these processes comes with challenges including like; commodity price volatility, use of mineral revenues for consumption rather than investments, absence of accountability of state institutions that have responsibilities for the management of mineral revenues, and to name a few.

He said this at the launch of a campaign for the proposal of a mineral revenue management law by ACEP at the Coconut Grove Regency Hotel in Accra.

Mr. Ben Boakye revealed that, the country gets over GH¢1.5 billion annually, from extraction of gold and other minerals, therefore, it’s a important to institute effective mechanisms to ensure transparency and accountability.

To him, the principle of revenue management would protect macroeconomic stability as well as ensure fairness in the distribution of mineral wealth benefits and also sustain the fiscal contributions of mining after depletion, therefore,
“We should consider the establishment of systems for assessing and collecting mineral revenues, and establish stabilisation mechanisms for insulating the economy from the effects of commodity price volatility.”

By:Sammy Adjei/Newsghana.com.gh

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