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Business News of Monday, 14 January 2013

Source: GNA

Chamber of Mines calls for a mining policy

The Ghana Chamber of Mines is advocating a national mining vision and policy to direct as well as regulate the inflows from that sector into proper development projects.

Dr. Toni Aubynn, the Chief Executive Officer of the Chamber, said due to lack of a clear policy direction the country and particularly host communities felt neglected from benefitting from minerals extracted from their areas.

He told a meeting the Chamber had with Journalists in the Western Region that though 80 per cent of all mineral proceeds ended up at the door of central government, only 10 per cent was used for projects in affected communities.

He said the lack of visible infrastructure development in host communities had provoked agitation in host communities that sometimes resulted in conflicts.

Dr. Aubynn said in 2011, mining companies returned about 3.1 billion dollars, representing 75 per cent of mineral revenue through the Bank of Ghana and the commercial banks against the statutory requirement of 25 per cent.

He suggested that a Minerals Revenues Fund be established just like the Petroleum Revenue Fund to be channelled into specific areas of development.

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