The Ghana Mineworkers’ Union has urged government to marshal the political courage to up the country’s stake in the mining industry.
The Union acknowledged that the Government of Guinea was taking bold steps in that direction, which other countries ought to follow suit.
A statement signed in Accra by Prince William Ankrah, General Secretary of the Union and copied to the Ghana News Agency on Thursday said only such bold political decisions could change the destinies of African countries.
It cited a report in the Mining Journal of September 2, 2011 which indicated that the National Council of Transition in Guinea had proposed ownership of 35 per cent in its mining companies after debate on the country's mining code.
The Journal also reported that the code recommended a free participation level of 15 per cent for the Government and the right to buy an additional 20 per cent. In addition, a minimum investment of US$1.0 billion should be the basis upon which mining concessions would be awarded.
The statement said it was a clear manifestation of a country capable of dictating the pace on competitive international business landscape without succumbing to the manipulation and opportunistic characters of those who facilitate foreign direct investment into low income countries.
It noted that Sierra Leone had passed a law that compelled mining companies to set aside 0.5 per cent of revenue accrued from sale of their products into a development fund to be used in implementing Corporate Social Responsibility initiatives.
This approach was to ensure stability and mutual cooperation between the businesses and the communities, adding that development projects were implemented in an order of priority as agreed among the actors’.
It also revealed that Ghana had the lowest corporate tax rate in the sub-region.
In the view of the Ghana Mineworkers’ Union, these evidences were indeed worrying, since they denied the country of the much needed revenue required to revamp the economy.
The Union called on Ghana’s Parliament to emulate the bold initiative of Guinea and Sierra Leone to maximize the countries’ revenues from such a strategic sector of the economy.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Fire guts Kwadaso Wood market in Kumasi
7 hours -
GPL 2024/25: Gold Stars revive title hopes with win over Berekum Chelsea
7 hours -
We won’t entertain arrogant appointees – Deputy NDC Youth organizer warns
9 hours -
Akufo-Addo’s Aide-De-Camp in good shape after collapsing in Parliament
9 hours -
NPP notifies Parliament of its selected leaders for the 9th parliament
9 hours -
Dumelo loses father days before his swearing in as MP
10 hours -
NPP’s Mandamus Application: This is how the High Court ruled on 4 disputed constituencies
11 hours -
‘Forty Weeks and More’ premieres Jan. 18 on Joy Prime
11 hours -
GHANET urges caution against HIV during the new year festivities
11 hours -
High Court in Accra orders EC to re-collate results for Techiman South
12 hours -
NDC files notice of appeal after High Court ordered completion of results collation in 4 constituencies
12 hours -
2024 Election: South Tongu MP-elect gave Mahama the highest percentage of votes
13 hours -
Daily Insights for CEOs: Mastering time management as a CEO
13 hours -
Kantamanto Market fire: Strengthen investigations or expect more fire – Dwamena-Aboagye
13 hours -
Belgian Foreign Minister to lead EU delegation to John Mahama’s inauguration
13 hours