Government should consider negotiating bigger interests in mining contracts if the country is desirous of creating more value from the commodities extracted for the nation.
Despite Ghana being a leading gold producer with several decades of experience in the extractives industry, its stake in almost all mining companies in the country currently remains around 10 to 15 percent (carried interest).
Merely depending on mining tax and royalties has not done the nation any good over the years. There is an urgent need to create value and ensure we retain that value for the greater good of this country and its citizens.
It has been over a hundred years since the nation started mining this gold, but this has not yielded the desired dividend we ought to be gaining as a nation. On the other hand, multinational companies appear to have a field day earning windfall profits.
This sad spectacle has seen countless unemployed youths in the country engage in illegal mining activity to apparently ‘get their share of the mineral wealth’ that the country is endowed with. We condemn their activity because it destroys the environment, including our water bodies; but with no work available, they are compelled to fend for themselves.
The setting up of small-scale mining entities with certification has not helped matters as the same damage to the environment persists with their activity. We believe steps must be taken to renegotiate mining contracts with the hope that the state can derive more from mineral extraction.
Otherwise, our rich mineral resources will benefit others to the chagrin of Ghanaians who yearn for better conditions of life.
