Business News of Sunday, 24 March 2013
A national mining vision and policy to provide direction and regulate the proper development of the sector is being proposed.
Dr. Toni Aubynn, the Chief Executive Officer of the Ghana Chamber of Mines 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. At a media interaction in the Western Region, Dr. Aubynn explained that though 80 per cent of all mineral proceeds ended up at the doorstep of central government, only 10 per cent was used for projects in affected communities.
“Lack of visible infrastructure development in host communities had provoked agitation in such communities that sometimes resulted in conflicts,” he said.
Dr. Aubynn said in 2011, mining companies returned about US$3.1 billion, 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.