Chamber of Mines President Urges Government on Minerals Revenue Act
The President of the Ghana Chamber of Mines, Mr. Michael Edem Akafia, has urged the government to expedite the passage of a Minerals Revenue Management Act. The Act, he believes, is crucial for ensuring transparency, accountability, and the sustainable use of Ghana’s mineral wealth.
Mr. Akafia made the appeal during the 11th Ghana Mining Industry Awards (GMIA) held last Friday at the Movenpick Hotel in Accra. The event brought together policymakers, diplomats, mining executives, and other key stakeholders.
He argued that a dedicated legal framework, mirroring that of the petroleum sector, is long overdue. “A Minerals Revenue Management Act will deepen transparency, improve accountability and ensure that mineral revenues are used more efficiently and equitably,” Mr. Akafia stressed. He further explained that such a law is “essential for intergenerational equity, saving and investing today’s revenue for future needs and the rainy day.”
Ing. Dr. Kenneth Ashigbey, CEO of the Chamber, lauded the government’s decision to scrap VAT on exploration activities in the 2024 Budget, calling it a “bold step” towards attracting investment and expanding Ghana’s mineral reserves. He noted the intervention would bolster Ghana’s competitiveness as a leading mining destination.
However, both leaders emphasized the need for consistent policies, particularly as the Minerals and Mining Act is currently under review. Mr. Akafia cautioned that frequent changes, despite good intentions, can create instability and deter long-term investment in the capital-intensive mining sector.
He also advocated for a balanced approach to the proposed sliding-scale royalty regime, warning that excessively high rates could stifle growth. Furthermore, Mr. Akafia strongly condemned recent attacks on state institutions and security personnel involved in combating illegal mining, describing them as “unacceptable and dangerous” to Ghana’s environmental and economic well-being.
“Illegal mining is not only an ecological crisis but also a governance, social and national security problem,” he stated, calling for decisive and well-funded enforcement measures.
The awards ceremony also highlighted the positive impact of the mining sector on local communities. Dr. Ashigbey shared inspiring stories of individuals whose lives have been transformed through the Chamber’s initiatives, including a young woman who received support for tertiary education and a community volunteer who secured full-time employment in the mining industry. “These stories demonstrate mining’s potential to change lives when investment is directed toward people and communities,” he said.
Looking ahead, Mr. Akafia pointed to global trends like automation, digitalization, and the increasing demand for critical minerals as both challenges and opportunities for Ghana. He urged the government to collaborate with industry to foster local content development, enhance skills training, and promote innovation, positioning Ghana as a regional hub for mining technology and sustainability.
“Ghana wins when we work together. Ghana prospers when we manage our mineral wealth responsibly,” Mr. Akafia concluded, emphasizing the importance of unity among government, industry, labour, host communities, and civil society.
AngloGold Ashanti Iduapriem Mine was awarded Mining Company of the Year, while Dr. Catherien Kuupol Kutor, General Manager of Gold Fields Tarkwa Mine, received the Mining Personality of the Year award. A Lifetime Achievement Award was posthumously presented to the late Kwame Addo-Kufuor in recognition of his significant contributions to the industry.
The event was sponsored by Gold Fields, AngloGold Ashanti, Zijin Golden Ridge, Newmont, Newcore/Cape Coast Resources, Perseus Mining Ghana Limited, UMA, Sandvik Ghana, Interplast, and Stanbic Bank, with additional support from SMT Ghana, Asanko Gold Ghana, DRA, Mining Tools Ghana, Carmeuse Lime Products, and Liebherr.
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