Ghana Chamber of Mines has commended the government over major steps rollout in advancing the country’s mining industry.
The Ghanaian mining industry has received a significant boost with the government’s latest policy interventions, as highlighted by Ing. Ken Ashigbey, the Chief Executive Officer of the Ghana Chamber of Mines.
In his remarks, Ashigbey commended the administration’s progressive moves to strengthen the sustainability and growth of the country’s mining sector.
“Let me seize this opportunity to thank His Excellency, the President, the Minister of Finance, the Minister for Lands and Natural Resources, for a major step that was taken yesterday in advancing mining and the sustainability of mining in Ghana, by taking off and scraping VAT on exploration and prospecting activities.”
Ing. Ken Ashigbey
Ashigbey’s comments came at a crucial juncture, as the industry navigates a complex landscape shaped by global economic dynamics, and the pressing need for responsible resource extraction.
The CEO’s words serve as a testament to the government’s commitment to fostering a thriving and equitable mining ecosystem in Ghana in the wake the long-escalated illegal mining.
Ghana’s Mining Sector
Ashigbey’s commendation of the government’s latest policy interventions underscores the administration’s unwavering commitment to the sustainable development of the mining industry.
The CEO specifically highlighted the government’s decision to remove the Value-Added Tax (VAT) on exploration and prospecting activities, a move that he described as a “major step” in boosting the mining sector’s growth and long-term viability.
“Mineral royalties also increased significantly by 76.7% from 2.8 billion to 4.9 billion Ghana cedis. Raising our share of the total fiscal contribution from 23% to 27%. This is definitely a superlative performance, that should be told,” Ashigbey stated, highlighting the industry’s impressive financial contribution to the national economy.
Chamber of Mines and its Role
The Ghana Chamber of Mines is the main representative body for the country’s mining industry, serving as a crucial link between the government, the private sector, and other stakeholders. Since the Chamber’s establishment, it has played a pivotal role in promoting sustainable and responsible mining practices, advocating for policy reforms, and fostering collaboration across the industry.
In recent years, the Chamber has been at the forefront of driving initiatives that address the environmental, social, and governance (ESG) challenges facing the mining sector.
Through its advocacy efforts and industry-wide programs, the Chamber has championed the adoption of best practices, the empowerment of local communities, and the creation of shared value for all stakeholders.
These government’s strategic initiatives, which has been long-awaited by the industry, is expected to provide a significant boost to exploration and prospecting activities, ultimately leading to the discovery of new mineral deposits and the expansion of the country’s resource base.
This, in turn, will contribute to the broader economic development of Ghana and enhance the industry’s contribution to the national agenda.
Local Empowerment and Community Impact
Beyond the macro-level financial performance, Ashigbey also emphasized the importance of celebrating the personal stories and grassroots impact of the mining industry.
He highlighted the rise of women and men from local communities to positions of leadership within the sector, as well as the opportunities that have been created for young people to excel in sports and other endeavors.
“Women and men who have risen from obscurity to leadership in their host communities. Others who are now expatriating in the mining sector are from these host communities. We also have boys and girls who have also risen to the top of their sports at the national and global level, because there was a mining company in their communities.”
Ing. Ken Ashigbey
Ing. Ashigbey’s assessment underscores the transformative power of the industry at the community level.
The CEO’s recognition of the Member of Parliament who hails from a mining community further reinforces the deep-rooted connections between the industry and the local populace, emphasizing the importance of inclusive growth and shared prosperity.
As the Ghanaian mining sector continues to evolve, the government’s latest policy interventions, coupled with the industry’s commitment to sustainable and responsible practices, hold the promise of a brighter future for the country’s mineral wealth and the communities that depend on it.
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