Asantehene Calls For Fair Share Of Mining Profits, Sustainable Practices

- Asantehene urges mining companies to invest more within the country.
- He urged mining companies to adopt responsible practices
- The Asantehene's message extended beyond immediate economic gains
The Asantehene, Otumfuo Osei Tutu II, has urged mining companies to invest more heavily within the country.
In a speech delivered at the 17th West African Mining and Power Conference, the King argued that retaining a greater share of mining profits would mirror successful practices in nations like South Africa.
This approach, he believes, would ensure Ghana benefits more substantially from its abundant mineral resources.
The Asantehene also advocated for increased local ownership within the mining and energy sectors. Listing companies on the Ghana Stock Exchange was highlighted as a way to achieve this goal.
Environmental sustainability was another key theme addressed by the King. He urged mining companies to adopt responsible practices that minimize environmental damage.
Respecting local communities and their cultural values was also emphasized.
The Asantehene’s message extended beyond immediate economic gains. He stressed that mining investments should contribute to Ghana’s long-term prosperity.
Additionally, he encouraged the industry to embrace technological advancements, including Artificial Intelligence, to adapt to the global shift towards renewable energy.
The Minister of Lands and Natural Resources, Samuel A. Jinapor, echoed the King’s sentiments regarding the mining and power sectors’ importance to Ghana’s economic development.
He highlighted job creation, revenue generation, and exploration efforts to identify new mineral resources as key areas of focus.
Jinapor also addressed the financial burden faced by exploration companies. He revealed collaborative efforts between the government, Ghana Revenue Authority, and Ghana Chamber of Mines to explore a more favorable framework for Value-Added Tax (VAT) on exploration activities.
Another significant announcement involved a planned Legislative Instrument restricting the export of raw bauxite.
This move aims to leverage Ghana’s vast bauxite reserves for the development of a domestic aluminum industry.
The Ghana Chamber of Mines’ Chief Executive Officer, Dr. Sulemanu Koney, applauded the conference’s timing. He emphasized its role in introducing new suppliers, technologies, and techniques to propel West Africa’s mining and power sectors forward.