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Sep 13, 2012

Government Committed to Effective Use of Mining Revenue

Mr. Benjamin Aryee, Chief Executive Officer of the Minerals Commission, says government has developed a multi sector approach in the mining sector by establishing a taskforce to regulate and improve the mining sector revenue.

According to him, government is committed in ensuring that the mining sector revenue is used in the most efficient and effective manner at all levels, including the local level.

Mr. Aryee made this known in Accra at the opening of the 5th West and Central African mining summit, with representatives from more than 20 countries.

The two-day summit  was to provide an important and productive platform for the global mining operators, exploration companies and service providers to get first hand understanding of the mining potentials and challenges in West and Central Africa as well as provide participants new information and foster business partnership.

Mr. Aryee pointed out that in Ghana, the sector has attracted much investment and 6% of the Gross Domestic Product is derived from the mining sector. The sector also contributes 27.6% of government revenue, and also 42% of merchandised exports in 2011.

“Total investment into the mineral and mining sector from 1983 to 2001 was over $11.5 billion, with 95% being foreign direct investment”

He said mining resources provides endowed countries comparative advantage opportunities to support their developmental efforts, but such resources get depleted with exploitation and mismanagement.

Ms Maggie Tan, Chief Executive Officer of Magenta Global Pte Limited, said the summit will serve as a platform for mining professionals to share information and work towards the development and sustainability of the mining industry in West and Central Africa.

She said the mining sector is immune to the economic uncertainty that has been seen in recent months with prices of minerals easing from their peak, adding that the summit is a timely platform for all stakeholders to address these market concerns and build greater sustainability for the industry.

Ms Tan assured that Magenta Global will continue to serve the industry, driving economic growth and delivery jobs across the West and Central African countries, by promoting a greater understanding of the challenges and opportunities in mineral exploration, processes and trade through thought provoking and informative summit and networking sessions.

Source: ISD