Mineral policy to be linked to refineries

Alhaji Inusah Fuseini, Minister for Lands and Natural Resources, says Government mineral resource policy direction will be strongly linked to the establishment of refineries to enable the nation derive maximum returns from its natural resources.

In a statement delivered at the Africa Mining on Top, London Summit held in London, United Kingdom on the theme “Sharing the profits of the Commodity Boom”, Minister Fuseini observed that beside the huge contribution the mining industry makes to national income, the sector has great potential to catalyse broad-based national development when it is effectively integrated into the Ghanaian economy.

It was in pursuance of this objective that Government promulgated the local content regulations as a strategy to assist small- and medium-scale enterprises to participate more actively across the entire spectrum of the mining industry.

He revealed that though Ghana signed on to international initiatives like the Extractive Industries Transparency Initiative (EITI) and Kimberly Process Certification Scheme (KPCS) to enhance transparency in the mining industry, more should be done to ensure that the adoption of these transparency instruments leads to trust-building among the various stakeholders for a sustainable development of the industry.

He indicated that Ghana has played a frontline role in regional and global initiatives targetted at evolving a uniform mineral policy regime for mineral producing countries -- including the formulation of the Africa Mining Vision, the ECOWAS Mineral Development Policy, and the ECOWAS Directive.

This is targetted at harmonising the guiding principles and policies in the mining sector and the Mining Policy framework of the Inter-government forum on mining, metals and sustainable development.

The Minister underscored the urgent need for African Governments to make a special effort to achieve a fiscal and regulatory regime that creates a win-win situation for both investor and Government as the formula to boost the mining industry in Africa.

“To achieve this objective, African Governments must endeavour to play fair at all times, ensure political stability over a long period, enhance transparency and provide a level playing field for all companies as well as ensure clarity of legislative provisions and licencing administration,” said Alhaji Fuseini. 

Fuseini observed that the global investment spotlight is now focusing on Africa because of the positive changes in political governance and improvement in social and economic infrastructure, and indicated that the enormous natural resource provides excellent opportunities for joint ventureship and good returns on investment. 

He said Africa’s mining industry could leap-frog by learning vital lessons from countries which have successfully developed their industries to ensure that the continent’s massive mineral’s resources makes a commensurate contribution to the sustainable development of African economies.