GHANA TO INTRODUCE REGULATIONS FPR TRANSPARENT ACCOUNTING OF NATURAL RESOURCES, SAYS VEEP

ACCRA, The government of Ghana is preparing to introduce regulations to ensure transparent accounting for the export of Ghana’s natural resources, says Vice-President Alhaji Dr Mahamudu Bawumia.

For the most part we are told by natural resource extraction firms that we have exported a certain amount of gold, oil, and bauxite but the question is how do we verify that indeed that is the exact quantity that was exported, he said at the opening of the 69th Annual New Year School and Conference (ANYSC) here Monday.

This year’s event is being held under the theme: Job Creation for Accelerated National Development: The Role of the Private Sector.

Under the new regulations, we are going to insist on a transparent accounting of our natural resource. In other countries when a mineral is mined, it is under the control of government until it is exported. We are going talk with the mining and oil firms and insist on a transparent accounting system, Vice President Bawumia said.

He added that during an interaction with some officials of Dubai during a recent visit, they praised the high quality of gold and the quantum exported from Ghana but the figures they cited did not match what was locally reported here.

Vice-President Bawumia said as part of efforts to change the developmental project financing, the government was going to leverage on the country’s natural resources available to finance projects.

What has happened over the years is that we were borrowing but if we have these natural resources we can leverage on it. If we have 400-million US dollars worth of gold and we need 10 million USD to do an infrastructure, we should be able to strike a deal that will get me the money with the natural resource but not by borrowing

He said the government was collaborating with the private sector to employ 100, 000 graduates under the Nations Builders Core, an employment scheme for graduates, which will engage teachers, nurses and agric extension agents among others.

This year is for job creation, there are many vacancies that are available and many people are unemployed so we are working to ensure that these positions are filled, he said.

Source: NAM NEWS NETWORK

   

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