Government says the thirty percent gold retention policy christened National Assay Programme is achievable.
The Lands and Natural Resources Minister, Kweku Asomah-Cheremeh who is on a working visit to some mining companies including the AngloGold Ashanti Iduapriem Mines in Tarkwa said collaborative meetings are being held to reach a consensus on the implementation of the policy.
It is estimated that 90 percent of the gold mined in the country is exported without value addition.
Ghana stands to reap greater benefits in the mining sector than it is currently getting from relying on royalties and corporate taxes, if her local content policy is fully implemented.
The Local Content and Local Participation Bill 2013 which was passed in November 2013 specifies that Ghanaians should be prioritized in terms of employment in the petroleum and extractive industries, and should benefit from the country’s resources.
The law is to also ensure that Ghana’s natural resources benefit Ghanaians, while also allowing foreign companies to reap fair returns on their investment. However various experts have stated that the reverse is the reality.
Government has over the years engaged mining companies who have reportedly flouted this policy to collaborate with it to see to the implementation of the policy.
Lands and Natural Resource Minister, Kweku Asomah-Cheremeh said the government is working to make the blue print which has been approved by Parliament materialize.
Day one of the Minister’s visit took him to the University of Mines and Technology where he inspected about nine projects undertaken under the Minerals Development fund.
The projects include a four-storey main administration block, a five-storey administration block annex, a four-storey faculty block , a two-storey classroom block, a two-storey cafeteria, and a two- storey bedroom.
All projects are under various stages of completion.
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By: Kojo Agyeman/citinewsroom.com/ Ghana
The post 30 percent gold retention policy achieveable – Gov’t appeared first on Citi Newsroom.
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