New mining policy in the offing

A new mining policy to guide government in its management of the mining and minerals sector will be ready in 2012.

The policy document, soon to be presented to Cabinet for adoption, is currently at its draft stage and when fully operational will define the usage of the country’s mineral resources for national development.

The policy was initiated in 1999 and went through various stakeholder consultations and independent review in 2001, now reaching its current final draft stage.

Mr. Benjamin Aryee, Chief Executive Officer of the Mineral Commission - lead promoters of the policy - disclosed to B&FT that it is expected to provide a framework of principles and policies which will ensure that the country’s mineral endowment is managed on a sustainable economically, socially and environmentally accepted standards.

The policy seeks to provide a standard framework for implementation of the various mineral laws in the country.

Outlining the core objectives of the policy at a stakeholder workshop in Accra, he explained that the policy intends to diversify the country’s export base and thereby increase foreign exchange earnings.

It will as well optimise tax revenue generation to support development, generate skilled employment and develop local capacity for the mineral industry, and create demand for local goods and services.

The policy contributes to infrastructure development, produces raw materials for local usage, contributes to the transformation of mining - especially rural communities - serve as catalyst for wider investment in the economy, and collaborate in the harmonisation of mineral policy in ECOWAS and in Africa.

Mr. Aryee said: “In order to achieve these objectives, government recognises that there is a need to establish a clear, comprehensive and forward-looking national policy that will govern regulation and development of the mining sector.

“Government also recognises that the national mining policy must provide for the establishment of an enabling environment for investors, which is based upon modern regulatory arrangements and sufficient attractive terms.

“Whilst seeking to encourage investment, there is also a need to ensure that mineral operations are conducted responsibly. Government considers that neglect of the environment and harm to local communities as a result of mining operations is not acceptable.

“The intention is therefore that the country secures the full economic and social benefits that mining development promises, in an environmentally and socially responsible manner,” Mr. Aryee stated.

Alhaji Collins Dauda, former sector Minister, indicated that the mining sector has attracted a lot of investments due to the liberal economic policies government is pursuing - and that in order to secure the gains, there is need to initiate further policies to guide the sector.