How Ghana raked in $16b from mining between 1983 and 2015
New report in Ghana has revealed that investment inflows into the mining sector from 1983 to 2015 have increased the output of all minerals production in Ghana, bringing in about $16 billion.
The report said gold production increased by 93 per cent from 2.24 million ounces in 2002 to over 4.3 million ounces in 2014.
However, in 2015, there was a significant reduction to 3.63 million ounces due to declining metal prices among others, Mr. Nii Osah Mills, Minister of Lands and Natural Resources has said.
He said despite the reduction, Ghana still maintained its position as the second largest producer of Gold in Africa and ninth in the World.
Mr. Mills made those known in a speech read on his behalf at a stakeholders sensitisation workshop on the “Developing Ghana’s Mining Vision” in Wa, which was aimed to raise awareness on the new mining regulations passed recently.
The forum was also to solicit inputs from stakeholders in drafting a sustainable vision for the mining industry in Ghana.
Mr. Mills said the sector contributed 27 per cent of revenue, which was collected by the Domestic Tax Division of the Ghana Revenue Authority in 2012, 18 per cent in 2013 and 14 per cent in 2015, and provided an average of 40 percent of total merchandise export earnings over the last 10 years.
About 22,000 people were employed for large-scale mining; while it is estimated that over one million people were engaged for small scale mining in 2015.
The Sector Minister said the perception that African countries had not benefited enough from the exploitation of their mineral resources stemmed from the fact that the continent still exports most of its mineral resources in the raw state.
Additional to that challenge is the limited linkage development of the mining sector with the rest of the economy.
Mills therefore urged the stakeholders to help identify additional challenges and suggest ways that could be used to address the gaps.
But Dr. Abdul-Rashid Hassan Pelpuo, Minister of State at the Office of the President in Charge of Private Sector Development and Public Private Partnership (PPP), said the mineral sector had the potential to increase the economy, but warned that its exploitation should be done without jeopardising the environment, especially water bodies, which could cause health risk to the population.
He called for implementation and enforcement of mining and environmental related laws to safeguard the exploitation of the mining sector and the environment from abused by citizens and foreigners.