Akufo-Addo to be guest of honour at Investing in Mining Indaba

Accra� President Nana Addo Dankwa Akufo-Addo will be the special guest of honour at the 2019 Investing in Mining Indaba Conference in South Africa, Mr Kwaku Asomah-Cheremeh, Lands and Natural Resources Minister, has announced.

As the second largest producer of gold in Africa, Ghana’s prominence in the mining sector continues to dominate and for this reason, the organisers of the largest mining investment event in Africa, ‘Investing in Mining Indaba have invited President Akufo-Addo as the Special Guest of Honour at the 2019 conference in South Africa, Asomah-Cheremeh said at the Meet the Press.

He said the mining sub-sector presents an extraordinary opportunity for Ghana’s rapid transformation because of the significant contribution to Government’s revenue, as well as the potential for the development of linkage opportunities including value addition to minerals being exploited.

He said in 2017, the mining sub-sector contributed GH 2.2 billion to Government revenue, representing 16.3 per cent of total domestic tax revenue collected by the Ghana Revenue Authority (GRA).

He said this represented 32 presented increase in the sector’s contribution to government revenue compared to GH 1.6 billion in 2016.

For first half of 2018, the Mining Sub-Sector contributed a total of GH1.03 billion to Government revenue as collected by the Domestic Tax Revenue Division of Ghana Revenue Authority, he said.

He said, This indicates an increase of 17.11 per cent as compared to the 2017 first half value of GH 877 million.

Again, the sector contributed 7.2 per cent to Gross Domestic Product (GDP) in 2017 compared to 8.0 per cent GDP in 2016. This means the sector contributed GH17.1 billion to the Ghanaian economy in 2017 compared to GH15.8 billion in 2016.

Mr Asomah-Cheremeh said the sector contributed 44 per cent of total merchandise exports in 2017 translating into $6 billion compared to $5 billion in 2016 representing 45 per cent.

He said for first half of 2018, minerals export earned Ghana $ 3.1 billion representing 38 per cent of Total Merchandize Export.

He said it was also worth noting that investments in the mining sector have seen an increase of seven per cent in 2017; declaring that this showed an increase from $ 970 million in 2016 to $ 1.04 billion in 2017.

As part of government’s effort to promote local content in the mining industry and in accordance with the Minerals and Mining (General) Regulations, 2012 (L.I.2173), the Ministry working with the Minerals Commission in 2018 identified nine products (goods/services) in addition to the existing 19 to be procured locally by mining companies in the country, he said.

He said the purpose of adding on to the Local Procurement List for the mining industry was to ensure that goods and services which are locally available in adequate quantities and at an optimal price and meet the appropriate safety and quality standards were patronised by the mining industry.

Source: Ghana News Agency