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Business News of Friday, 28 August 2020


Mineworkers’ Union calls for recapitalisation of mining sector

File photo [A mining site] File photo [A mining site]

The Ghana Mineworkers’ Union has called for a recapitalisation of the mining sector rather than the introduction of a windfall tax on mining profits.

According to the Union, the rise in gold prices on the world market makes it a better for Ghana to invest in the mining sector.

Addressing the press in Sunyani at the Union’s National Executive Council meeting, the General Secretary of the Union, Abdul-Moomin Gbana, said an increased investment for the sector will improve the sector’s market offering and create more jobs.

“This, we believe, would place the mining industry on a sound footing to create additional jobs and ultimately respond to the increased unemployment numbers brought about by COVID-19 in the short and long-run; extend companies’ life-of-mine and by extension the industry; grow the industry’s contribution to the national kitty through taxation and also contribute to improving the infrastructural development needs of host communities,” he said.

The National Chairman of the Mineworkers’ Union, Mensah Gyakari, also expressed worry about fixed contract mining.

“It is worrying that at a time gold price is rising, unfortunately, some of the companies are thinking of doing away with permanent workers, and tend to give fixed-term contract,” he said.

The Ghana Mineworkers’ Union has pledged to improve the quality of life of mining communities through collaborations with these communities under its programme dubbed “Mineworkers’ Partner Communities.”