Mining Opportunities
Mining Opportunities

The Government has been urged to strictly enforce the Local Content Regulations governing the extractive industry to ensure that foreign investors give preferential treatment to the indigenes in their operations.

Mr Fitsum Weldegiorgis, a Senior Researcher for Shaping Sustainable Markets at the International Institute for Environment and Development, United Kingdom, said there should be a policy direction by rich-natural resource countries to ensure the retention of foreign exchange in the local economy to stimulate growth.

He called for partnerships and joint ventures between the local firms and their foreign counterparts towards strengthening the technical know-how and financial capabilities of the former to grow the local economy.

Mr Weldegiorgis, who is also an Economist with the University of Queensland, Australia, made these recommendations at a public forum in Accra, organised by the Accra Mining Network.

It was on the topic: “Prioritising Ghana’s Natural Resource Linkages to the Local Economy”.

Some economic linkages, which Mr Weldegiorgis used to explain how the local economy could benefit from the foreign investors, are side-stream, consumption and investment.

He called for value addition of the country’s raw minerals locally, so that the finished products would receive better pricing on the international markets.

He was of the conviction that if the raw mineral resources were processed within the country, they would improve the local economy and create more jobs for the youth.

However, Mr Weldegiorgis said, there should be sustained supply of raw materials to any mineral refinery that would be established to enable management to pay the staff and sustain production.

He explained that, over the years, multinational mining firms failed to meet the expectations of government and host mining communities concerning the sharing of mineral benefits, which often triggered conflicts.

Mr Weldegiorgis proposed the setting up of a special fund to support training of locals while conscious efforts must be made to build the capacity of indigenes on technological-transfer for a smooth future take-over.

Madam Georgette Sakyi-Addo, the President of the Accra Mining Network, said the forum created awareness on the opportunities in the extractive sector value-chain.

Mr Raymond Kudzawu-D’Pherd, the General-Secretary of the Network, said the absence of basic social infrastructure in mining communities could be attributed to the payment of royalties and corporate taxes into the Consolidated Fund, which made it difficult for mining communities to get their fair share of development.

More so, government lacked technical negotiators to bargain properly with the multinational corporations in the extractive sector, thereby, making the indigenous communities being short-changed resulting in conflicts.

Disclaimer: News Ghana is not responsible for the reportage or opinions of contributors published on the website.

Send your news stories to [email protected] and via WhatsApp on +1-508-812-0505 

Previous articleAssembly Disburses various items to PWDs
Next articleCerebral Palsy Advocacy receives support from Ghana Today
The Ghana news Agency (GNA) was established on March 5, 1957, i.e. on the eve of Ghana's independence and charged with the "dissemination of truthful unbiased news". It was the first news agency to be established in Sub-Saharan Africa. GNA was part of a comprehensive communication policy that sought to harness the information arm of the state to build a viable, united and cohesive nation-state. GNA has therefore been operating in the unique role of mobilizing the citizens for nation building, economic and social development, national unity and integration.

LEAVE A REPLY

Please enter your comment!
Please enter your name here