The government of Ghana has agreed to re-negotiate terms with international mining firms. A seven member team was set up by the Finance Minister Dr Kwabena Duffuor who said a review was necessary as the nation had benefited little from dividends and record world prices of gold.
Finance Minister Dr Kwabena Duffuor said that given that the country’s mining sector consists mostly of gold mines, one would have expected a higher fiscal take by the government. Unfortunately, the phenomenal increase in gold price has not sufficiently benefited the people of Ghana he added.
The team is to be headed by Professor Akilakpa Sawyerr. He will be assisted by tax, mining, legal and finance consultants. There is however, no representative on the seven member team from the mining industry. A fact that was noticed and commented upon by CEO of the Chamber of Mines, Tony Aubyn.
Mr Aubyn said that the representation from the mining industry would have made the team appear more balanced. He added that the little concern is with the decision of the committee which is made up of very good personalities but he saw that there is no representation of the mining industry and even though there procedure committee which will look at the policies that affect mining.