Mining contracts negotiated between Governments and mining multinationals must be underpinned by truth and transparency to ensure a fair and equitable distribution of benefits for all stakeholders, Alhaji Inusah Fuseini, Minister for Lands and Natural Resources has advocated.
He stated that the critical issues surrounding the
cost of production, fiscal and tax regime as well as other components of the
investment environment, should be discussed in a frank and open manner to forge
a beneficial and sustainable partnership for the investor, Government and local
communities.
Making a contribution at the Africa Mining on Top
Summit held in London, United Kingdom under
the topic “Making Mining In Africa Work
For All”, Minister Fuseini explored how Governments and the private sector
could work together effectively to achieve the shared goals of revenue
maximisation and economic empowerment.
He indicated that Government is committed to
ensuring that mining becomes a blessing and not a curse by integrating the
sector fully into the Ghanaian economy with requisite forward and backwards
linkages, boosting value addition and ensuring a fuller participation of local
communities in the industry.
To enable Government maximise returns from corporate
taxes and royalties, Fuseini explained that Government is deepening the fiscal
and regulatory regime to ensure that operators make more returns on their
investments to attract more mining multinationals into the country.
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