Mining firms’ contribution in royalties and others to Ghana’s economy outstanding; their investments must be protected

Mining firms have bailed out the Ghanaian economy on numerous occasions during periods of economic headwinds. Episodes of fiscal instability have often culminated in the government introducing new levies for mining firms. In addition, the government, through regulatory bodies such as the Bank of Ghana, has negotiated with mining firms to retain portions of their earnings in the country for a period to ease foreign exchange pressures. This suggests a reactive approach. Actually, the Chamber’s members return more than 70% of their proceeds to Ghana. We can highlight the Chamber’s gold sales to BoG as part of the bail out measures.

Source: www.myjoyonline.com

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