President of the Ghana Chamber of Mines Johan Ferreira has told Citi Business News the country needs to do more to attract foreign direct investments (FDI) for the mining sector in Ghana.
According to him, the current economic challenges are gravely affecting the mining sector’s growth.
Johan Ferreira said the unending loading shedding exercise, the cedi’s continuous fall against the major trading currencies, improper regulatory framework and the external shocks and pressures are killing the industry.
Data from the Bank of Ghana indicate the share of mineral exports in total merchandise exports reduced to 34 percent in 2014 as compared to 37 percent in 2013.
Speaking to Citi Business News Johan Ferreira said current challenges confronting the Ghanaian economy if not checked would affect foreign direct investments into the mining sector.
“We need to look holistically at what the problem is from gold prices to what environment there is in making Ghana an attractive investment destination and at this stage with all the odds against us I don’t see physically a massive growth in the mining industry unless we address most of those issues like power availability, having well government agreement and predictable permitting, frameworks that support long term investments and so it’s all those issues that one needs to look at.”
President of the Ghana Chamber of Mines Johan Ferreira told Citi Business News that government must as a matter of urgency, look at ensuring that the country creates the conducive atmosphere for more investments into the sector which he describes as a key area that hugely contributes to the total revenue of the nation.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana