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Business News of Wednesday, 19 June 2019


Steps to ensure maximum benefits from extractive industry in the offing – Bawumia

Vice-President Dr Mahamudu Bawumia on Tuesday, 18 June 2019, participated in the 8th Extractive Industries Transparency Initiative (EITI) global conference in Paris, France.

Dr Bawumia was a panelist at the high-level panel discussion on EITI’s role in addressing corruption in the extractive sector, highlighting some of the significant corruption risks that EITI is currently addressing.

The Vice President highlighted Ghana’s recent efforts at ensuring extractives transparency, particularly on contract and beneficial ownership.

He said: “Ghana has huge endowments of extractive resources and as we assume the continental giant position in gold production, we must continue to implement policies that will help maximize our benefits from the resources across the value chains.”

He noted that the government has passed the legislative framework and is taking steps to establish the extractive industry beneficial ownership registry. “By this, we will be able to meet the EITI’s 2020 deadline by which all EITI countries have to ensure that companies that apply for or hold a participating interest in an oil, gas or mining license or contract in their country disclose beneficial ownership,” Dr Bawumia added.

On the sidelines, Dr Bawumia held bilateral meetings with Mrs. Helen Elizabeth Clark, incoming Chair of the EITI, Mr John Penrose, UK Minister of State and Prime Minister’s Anti-Corruption Champion, and Mr Angel Gurria, Secretary General of the Organisation for Economic Co-operation and Development (OECD).