The Minerals Development Fund Bill is expected to be
passed by close of this year.
When passed, it will allow for the establishment of
a mining communities development scheme where proceeds from royalty payments
and development funds of mining companies, as well as other relevant sources,
would be paid into.
Currently, the drafted bill has gone through a
number of stakeholder’s consultations and final inputs have been done. Parliament
is yet to consider it for possible passage into law.
Professor Bruce Banoeg-Yakubo, Chief Director at the
Ministry of Mines, Lands and Natural Resources, said: “The funds mobilised from
the various sources will be used by local mining community development committees
exclusively for developing infrastructure projects in mining communities.
“The bill also prescribed guidelines for rolling-out
corporate social responsibility projects, set health and safety standards,
tackle environmental issues and resolve issues relating to blasting activities
of mining companies, among others.
“The government will also boost infrastructure such as roads and railway lines to help the industry contribute adequately to the country’s development,” Prof. Banoeg-Yakubo explained.
Chief Executive Officer of Minerals Commission, Ben Aryee, explained that the Fund has been in place since the 1980s and administratively approved by government.
“The government will also boost infrastructure such as roads and railway lines to help the industry contribute adequately to the country’s development,” Prof. Banoeg-Yakubo explained.
Chief Executive Officer of Minerals Commission, Ben Aryee, explained that the Fund has been in place since the 1980s and administratively approved by government.
He explained that part of the royalty goes back to
the community through the administrator of Stool Lands to support the
assemblies, the chiefs and traditional council toward development of those
local communities.
“But the government wants a proper legal framework
to govern the royalties in the country. Part of the royalties will be used to
support some special projects in the mining sector, but a large part will be
going to the community for development of those areas.”
Currently, royalties paid by the mining companies hover
around 9%. About 4.95% is meant for the
Metropolitan, Municipal and District Assemblies (MMDAs); 2.25% for stool lands
while 1.80% is for the Traditional Council.
Mostly, the beneficiary communities are Wassa West,
Adansi West, Bibiani Ahwianso Bekwai, Asutifi and Mpohor Wassa East.
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