A revenue impact study on Ghana’s extractive industry has indicated an accrued additional 713 million cedis to the economy.
The fiscal impact study conducted by the Ghana Extractives Industry Transparency Initiative (GHEITI) also revealed positive growth, stability and investment in the country.
Dr Steve Manteaw, the Co-Chair of GHEITI, said at a meeting with the GHEITI Multi-Stakeholders Group, (MSG) organized by the Friends of the Nation.
The Co-Chair said the differentials arose from the impactful reforms in Corporate income tax from 25 to 35 per cent, Royalty to five per cent and ground rent from five pesewas to 15 cedis.
Ghana signed on to the initiative to promote sanity in the oil and gas sector to abide by global standards to ensure proper accountability mechanisms.
Dr Manteaw said although the initial focus was only on the collection of revenue and its utilisation, it had now been opened to procurement and contracting, among other indicators.
He said Ghana had over the period showed compliance to the global standards on validation and was recognized for some meaningful progress in the area of validation.
Dr Manteaw said the GHEITI reports of 2017/2018 had shown an impressive leap into doing the right things in the sector and prayed that such lessons would be translated into the minerals sector to change the narrative from there.
He, however, noted that subsequent reports had been delayed due to COVID-19 and the need to get audited reports from industry players.
The Co-Chair drew the attention of stakeholders to the need to keep engaging and keeping an eye on the sector to enhance transparency.
He said, “the sector still witness abuse despite greater successes in transparency… I think we should begin thinking of Public Interest Litigation framework for the people of Ghana to demand justices on infractions in the sector”.