CENTRAL BANK OFFICIAL CALLS FOR INTEGRATED MINING SECTOR IN GHANA

The Second Deputy Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has urged the mining companies to support the government’s vision of creating an integrated mining industry in the country.

Noting that the mining sector’s contribution to the economy would increase with the establishment of auxiliary industries, especially gold refineries, and diamond cutting and polishing firms, he adds: “For sustainable economic development in the face of fluctuating primary commodity prices, it is imperative that we process most of our minerals before export.”

Dr Asiama, who was speaking at the 2nd Mining Awards Night here, said that while the government worked to improve the country’s energy supply, mining firms should start developing an integrated mineral industry for sustainable development.

He reiterated the central bank’s commitment to ensuring price stability, low inflation as well as a stable exchange rate regime to create a conducive macro-economic environment for businesses.

Improvement in the macro-economic indicators would help to support mining sector operations and render investments more profitable and internationally competitive.

He lauded the mining sector’s repatriation of export earnings and the payment of taxes. From 2010 to date, the mining sector has repatriated about 64 per cent of its total export earnings, made up of 17 per cent mandatory repatriation and 47 per cent voluntary repatriation.

Source: NAM NEWS NETWORK

   

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