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Business News of Tuesday, 23 January 2018

Source: classfmonline.com

Gold smuggling costing Ghana $30bn annually - Frimpong-Boateng

Ghana loses over $30 billion yearly through gold smuggling, Minister of Environment, Science, Technology and Innovation, Professor Frimpong-Boateng, has revealed.

He made this revelation on Monday, 22 January during the inauguration of Municipal and District Committees against illegal mining for nine districts – East Akim, West Akim, Denkyembour, Atiwa, Fanteakwa, Birim North, Birim Central, Akyemansa and Kwaebibirim.

The committees, headed by Municipal and District Chief Executives, are expected to lead the fight against illegal mining, vet and scrutinise documents of all registered small-scale miners in their districts, out of which recommendations will be made to the Inter-Ministerial Committee against Small-Scale Mining for final determination on whether to lift the ban or allow a particular small-scale mining company to mine.

Prof Frimpong-Boateng said: “The sad thing is that we lose about $30billion a year from illegal mining activities; that is what the foreigners take away. A small country in the Middle East alone got $7 billion, and we Ghanaians we say that we retained only $2billion, we cannot go on like that. And you see the things that are happening to us especially the Chinese, they look at us as to where to invest and how to invest and I know they will not invest in any factory, they will not invest in any industrial park."

“Why should we lose billions of dollars and go round and borrow $200 million, $10million for our country, I think it is a shame,” Prof Frimpong-Boateng added.