Bank of Ghana urges mining companies to support integrated industry

Johnson P. Asiama - Deputy Governor, Bank of Ghana
Johnson P. Asiama – Deputy Governor, Bank of Ghana

The Second Deputy Governor of the Bank of Ghana (BoG) Dr Johnson Asiama has urged the mining companies to support government’s vision to create an integrated mining industry.

He said the mining sector’s contribution to the economy would increase with the establishment of auxiliary industries, especially gold refineries, and diamond cutting and polishing firms.

“For sustainable economic development in the face of fluctuating primary commodity prices, it is imperative that we process most of our minerals before export,” Dr Asiama said.

Dr Asiama, who was speaking at the second mining awards night, said as the government worked to improve the country’s energy supply, mining firms should start developing an integrated mineral industry for sustainable development.

He reiterated the bank’s commitment to ensuring price stability, low inflation as well as a stable exchange rate regime to create a conducive macro-economic environment for businesses.

Dr Asiama said the improvement in the macroeconomic indicators would help to support mining sector operations and investments more profitable and internationally competitive.

He lauded the mining sector’s repatriation of export earnings and the payment of taxes.

From 2010 to date, the mining sector has repatriated about 64 per cent of its total export earnings, made up of 17 per cent mandatory repatriation and 47 per cent voluntary repatriation.

The mining sector also contributes GH¢1 billion each year in corporate taxes, royalties, PAYE, VAT and dividends.

The contribution in 2015 was GH¢1.56 billion. This is also very commendable and should be sustained,” he stated.

“I am looking forward anxiously to the day we will do away with stability agreements and obtain 100 per cent repatriation, even though the current level of repatriation is commendable,” Dr Asiama said.

A former President of the Chamber of Mines, Kwaku Andoh Awotwi bemoaned the negative impact of galamsey on the mining companies and called for a proactive action by all stakeholders to address the menace.

The awards on the theme: ‘Recognising excellence in Ghana’s mining industry for sustainable development,” saw Newmont Gold Ghana Limited- Ahafo mine been adjudged the mining company of the year. 

Organised by the Ghana Chamber of Mines the award honoured deserving members as well as other allied industries, organisations and individuals who have contributed to the growth of the mining sector during the review period.

The awards included best mining company in local content; occupational health and safety; innovation as well as CSR investment project.

A former CEO of the Ghana Chamber of Mines, Ambassador Bentum Williams received the Lifetime Achievers Award while Edem Srem was adjudged the Best Mining Reporter.

Source: GNA

Leave A Reply

Your email address will not be published.