Ghana government asked to distribute minerals revenue properly
Dr Mohammed Amin Adam, Executive Director of Africa Centre for Energy Policy, has advocated for a comprehensive formula for the distribution of minerals revenues between the central government and communities affected by mining.
He said government must develop principles for applying mineral revenues to high impact public investment projects at the national and community level, and institute transparent and accountable governance of mineral revenues.
Dr Adam said this at a forum on the development of a mineral revenue management framework in the country supported by Education for Development.
The forum brought together stakeholders in the sector to build grounds on the best way to manage the country’s mineral revenue.
The Centre is calling for the establishment of systems for assessing and collecting mineral revenues and mechanisms for insulating the economy from the effects of commodity price volatility.
Dr Adam called for a comprehensive mineral revenue management law to ensure the effective utilisation of the resources.
He said some of the problems in the mining communities arise from the rise of resource nationalism, which is driving people to struggle to earn a living from mining.
Dr Adam said during the recent global financial crisis, prices of gold, cocoa and oil reached their peak levels, yet the country did not benefit from the price hikes and that government has review the fiscal regimes and mining agreements to ensure the country benefits from gains in the sector.
Mr Suleimana Koney, Chief Executive Officer of Ghana Chamber of Mines, said the existing structures of the mineral revenue management needed to be looked at and called for a collaborative effort in ensuring effective use of the natural resources.
Mr Joseph Cudjoe, Member of Parliament for Effia Constituency in the Western Region, called for a mineral revenue management law to streamline the sector and ensure transparent and accountability in the revenue generated.
Source: GNA