Ghana Chamber of Mines calls for review of minerals royalty framework

Ghana's mining sector is at a critical juncture, with the Chamber of Mines advocating for significant reforms to its revenue framework. Dr. Kenneth Ashigbey, CEO of the Chamber, is leading calls for the government to revise the current minerals royalty structure. The goal is to enable Ghana to secure a more equitable share of the profits generated during periods of high global mineral prices, while simultaneously maintaining an attractive environment for investment.

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A modern and progressive royalty structure will ensure that both the state and investors benefit fairly during periods of high commodity prices.

"A modern and progressive royalty structure will ensure that both the state and investors benefit fairly during periods of high commodity prices," Dr. Ashigbey stated. He made these remarks at the Inter-Mines First Aid and Safety Competition in Kenyasi, Ahafo Region. The event, which brought together major mining companies like Newmont Ahafo Mine, Asanko Gold Ghana, and AngloGold Ashanti, highlighted the industry's commitment to safety standards.

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Transparency builds trust. Accountability builds confidence.

Beyond royalty reforms, Dr. Ashigbey stressed the importance of enacting a comprehensive Minerals Revenue Management Act. Such legislation, he argued, would provide clear guidelines for how mineral revenues are collected, allocated, managed, and used at both national and local levels. He emphasized that "transparency builds trust. Accountability builds confidence." Dr. Ashigbey suggested that the windfall profits from high gold prices should be directed into heritage funds for future generations and a stability fund.

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Let us renew our commitment to making safety our first priority and a permanent culture. Let us continue building strong communities and ensuring responsible mining. Let us work together to ensure that mining communities receive a fair share of the wealth generated from their lands.

The Chamber also used the occasion to remind mining companies of their responsibility to prioritize safety and community engagement. Dr. Ashigbey urged a renewal of commitment to safety as a permanent culture, ensuring responsible mining practices. He also called for mining communities to receive a fair share of the wealth generated from their lands. The General Manager of Newmont Ahafo South Mine, Alex Kofi Annin, highlighted his company's 20th anniversary of commercial production, reflecting on their partnership, growth, and shared prosperity in the region.

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a milestone that allows us to reflect on two decades of partnership, growth, innovation, and shared prosperity.