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Mining | National

Mining coalition wants fiscal regime change

The National Coalition on Mining (NCOM) is to state its position on the review and re-negotiation of stability and mining agreements between government and mining companies. Mining firms in Ghana have over the years enjoyed a liberalised regime in which there is about 80 percent capital allowance, no duty paid on mining equipment, offshore retention of earnings, no payment of windfall taxes and carry forward of losses over a period of five years, among others. But these incentives, according to the NCOM, have only benefited the mining firms, contributing little to the nation’s economy. Speaking during a press briefing Monday, Abdulai Darimani, Programmes Officer of the NCOM said the secretariat wants a review of the fiscal regime and performance in the natural resource sector. He stressed that it was important for government to engage with civil society groups in the sector to draw up policies that will benefit Ghanaians. Meanwhile, government has set up a negotiating team to commence re-negotiations of the terms of agreements between the government and mining companies. The review is aimed at ensuring that benefits from the mining sector to the nation are maximised, sustained, and distributed equitably to Ghanaians.

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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.