Government Reveals 30% Gold Retention Policy Achievable

Government says the thirty percent gold retention policy christened the National Assay Programme is achievable.

The Lands and Natural Resources Minister, Kweku Asomah-Cheremeh, who is on a working visit to some mining companies including the AngloGold Ashanti Iduapriem Mines in Tarkwa, said collaborative meetings are being held to reach a consensus on the implementation of the policy.

It is estimated that 90 percent of the gold mined in the country is exported without value addition.

Ghana stands to reap greater benefits in the mining sector than it is currently getting from relying on royalties and corporate taxes, if the country’s local content policy is fully implemented.

The Local Content and Local Participation Bill 2013, which was passed in November 2013, specifies that Ghanaians should be prioritized in terms of employment in the petroleum and extractive industries, and should benefit from the country's resources.

The law is to also ensure that Ghana's natural resources benefit Ghanaians, while also allowing foreign companies to reap fair returns on their investment.

However various experts have stated that the reverse is the reality.

Government has over the years engaged mining companies who have reportedly flouted this policy and failed to collaborate to see to the implementation of the policy.

Lands and Natural Resource Minister, Kweku Asomah-Cheremeh, said the government is working to implement the blue print which has been approved by Parliament.

Day one of the Minister’s visit took him to the George Grant University of Mines and Technology where he inspected about nine projects undertaken under the Minerals Development fund.

The projects include a four-storey main administration block, a five-storey administration block annex, a four-storey faculty block , a two-storey classroom block, a two-storey cafeteria, and a two- storey bedroom.

All projects are at various stages of completion.
Meanwhile, the Vice Chancellor of the University, Prof. Jerry Samuel Yaw Kuma, is requesting an upward review of the school’s share of the Minerals Development Fund to enable it carry out some projects and conduct research.

Currently, the school needs over 4 million cedis to complete some abandoned legacy projects.

Making a case for the school, he said the quota allocated to UMAT should be reviewed to ensure balance.

“The disbursement plan was skewed so much away from research and development; and we were not too happy with it so we have written a document proposing that when the Act comes for review, it should be looked out in a way that research, development and training will be given the necessary concentration. As we speak, only 5 percent of the disbursement has been earmarked for sustainable research into mining and its allied areas”.