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    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Chamber of Mines bemoans low investment in mining communities

bycitibusinessnews
February 20, 2017
in Government, Mining, Top Stories
Some members of the Chamber of Mines with the Minister of Lands and Natural Resource, John Peter Amewu

Some members of the Chamber of Mines with the Minister of Lands and Natural Resource, John Peter Amewu

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The Ghana Chamber Mines has bemoaned the proportion of funds that is injected into mining communities for development.

According to the chamber, the phenomenon is the result of poor infrastructure development in mining communities, despite their contribution to the national income.

Speaking to Citi Business News, the president of the chamber, Mr. Kwame Addo-Kufuor described the situation as disappointing, since mining companies pay the right amount of revenue to government to help improve mining communities.

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“In 2016, mining companies paid mineral  royalty in the amount of GHS550 million to the government.[But]The proportion of the total mineral royalty which goes directly to the fourteen District Assemblies in whose jurisdiction mining takes place represents only 4.95  percent of mineral royalty payments,” he said.

“This implies that only GHS27 million is expected to be returned to district assemblies for development. This amount is woefully inadequate for the stimulation of infrastructural development in the mining communities,” he lamented.

Touching on recent pronouncements made by the Minister for Lands and Natural Resources, John Peter Amewu, Mr. Addo-Kufuor was optimistic government will soon increase the level of investment in mining communities.

“We are comforted by the Hon. Minister’s publicly stated commitment to increase the overall proportion of royalty revenue ploughed back to the mining communities to 20 percent from a gross 10 percent”.

“We are expectant that this will be translated into an increase in the share of revenue ceded to the communities and are willing to work with the ministry to implement this proposal,” he stressed.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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