Stakeholders at a public forum on minerals royalties in Accra have unanimously emphasized the need for Ghana to urgently take bold decisions to monetize the country’s mineral resources to speed up growth.
The speakers expressed regret that for decades, the country granted permits to foreign companies who in return paid a paltry amount of royalties. The forum attracted captains of industries, Mineral resources experts and Banking Executives.
The speaker stressed the need for transparency and openness in getting the best deal out of the country’s mineral resources.
A Resource Governance Expert, Kwabena Ata Nuamah Mensah, said Ghana needs to invest in local capacity to empower indigenous companies and professionals to own bigger shares of the minerals industry.
He said it is wrong for government to promote monopoly of foreign companies in the mineral industry and this must be corrected with strong local content policies and laws.
A banking and Finance Practitioner, Carl Odame Gyenti said monetizing the country’s gold resources and royalties will ensure significant capital to develop mining communities.