Retain part of profit in Ghana… Asantehene to mining companies

 The Asantehene, Otumfuo Osei Tutu II, has urged mining companies to retain part of their profit in the country to help accelerate nation­al development.

He said this was the only way Ghana could reap the benefits of mining as pertained in countries like South Africa.

• Odeneho Okyere Kusi Ntrama (third from right)
with Mr Jinapor (fourth from right) and other
dignitaries after the programme
• Odeneho Okyere Kusi Ntrama (third from right) with Mr Jinapor (fourth from right) and other
dignitaries after the programme

Otumfuo Osei Tutu II made the call in a speech read on his be­half by the Essumagyamanhene and the Head of the Benkum Wing of the Asanteman Council, Odeneho Okyere Kusi Ntrama, at the opening of the 17th West African Mining and Power Con­ference and Exhibition, in Accra, yesterday.

The three-day conference being organised by DMG Events on the theme: “The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa,” brought together 300 participants and 150 local exhibi­tors from 20 countries across the world.

The Asantehene called for increased local ownership and participation in the exploitation of mineral resources to retain more value in the country.

To this end, he urged the mining and power (energy) companies in the country to list on the Ghana Stock Exchange, to promote local ownership in those companies.

Otumfuo Osei Tutu II en­treated the mining companies to mine sustainably to protect the environment, adding that “mining companies should respect the lo­cal communities and their cultural values”.

He said investments of mining companies should not only focus on economic returns, but long-term prosperity of the country.

Otumfuo Osei Tutu appealed to mining companies to adopt Ar­tificial Intelligence and Technol­ogy in accordance with “the shift from fossil to renewable energy”.

The Minister of Lands and Natural Resources, Samuel A. Jinapor, said the government recognised the pivotal role of mining and power sectors in driving economic growth, creating employment opportunities and contributing to national develop­ment through revenue-generation.

He said the government was promoting investment in explo­ration to uncover new mineral reserves and sustain the long-term viability of the mining sector.

Mr Jinapor said government was working with the Ghana Rev­enue Authority (GRA) and the Ghana Chamber of Mines, under the guidance of Government’s Economic Management Team, to explore the best framework for treating critical imposts such as Value-Added Tax (VAT) on exploration to reduce financial burden on exploration companies.

“We are, also, in the process of enacting a Legislative Instrument, pursuant to section 28 of the Ghana Integrated Aluminium De­velopment Corporation Act, 2018 (Act 976), to restrict the export of bauxite in its raw state. This will enable us leverage on our over 900,000,000 metric tonnes (MMt) of bauxite resources to build an integrated aluminium industry in-country,” he stated.

The Chief Executive Officer of the Ghana Chamber of Mines, Dr Sulemanu Koney, said the confer­ence had come at an opportune time.

He said the event was to pro­vide a platform to introduce new suppliers, new technologies and new techniques to West Africa’s mining and power sectors.


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