"Security threats jeopardize Ghana’s position as Africa’s top gold producer, warns Chamber of Mines"

" Security threats jeopardize Ghana's position as Africa's top gold producer, warns Chamber of Mines \r\n\r\nThe Ghana Chamber of Mines has expressed alarm over the deteriorating security situation surrounding mining installations in the country, warning that continued disruptions could adversely impact the mining industry's contribution to economic growth. Ghana recently surpassed South Africa as Africa's leading producer of gold, with output reaching 3.7 million ounces in 2022, a substantial increase of 32 percent from the previous year.\r\n\r\nWith a projected production target of 3.2 million ounces by the end of 2023, driven by increased output from mining companies, Ghana's overall gold production is expected to range between 3.3 and 3.5 million ounces next year. However, the Chamber of Mines fears that ongoing disruptions, including encroachment on mining concessions by illegal miners and protests in mining communities, could impede the country's ability to achieve these production goals.\r\n\r\nDr. Sulemanu Koney, Chief Executive of the Chamber of Mines, emphasized the critical role of security in the success of mining operations. He stated that escalating threats to mining installations could undermine the progress made in positioning Ghana as the preferred destination for mining investments on the continent. Dr. Koney highlighted the importance of safeguarding the well-being of mining company employees, host communities, assets, and investments, as well as protecting the environment.\r\n\r\nAddressing the opening session of the 5th Ghana Mining and Energy Summit and Exhibition 2023 in Accra, Dr. Koney underscored the need for collaborative efforts, the implementation of appropriate technology, and a holistic approach to foster a secure and stable environment. He argued that such an environment would enable various sectors to coexist and leverage each other's presence, creating synergies that generate value for the country.\r\n\r\nUnder the theme \"Harnessing mining and energy potential for sustainable national development,\" the summit served as a platform for stakeholders to engage, collaborate, and chart a course toward a future of prosperity and sustainable development. Dr. Koney emphasized the Chamber's commitment to responsible operations, aiming to achieve socio-economic development in host communities. He highlighted the potential for economic growth, employment opportunities, skills transfer, and community upliftment through responsible and sustainable practices in the mining and energy sectors.\r\n\r\nThe Minister of Lands and Natural Resources, Samuel Abu Jinapor, also addressed the ceremony, acknowledging past shortcomings in policies and contracts that resulted in excessive profits for mining companies at the expense of the country. He emphasized the need for a proper framework to ensure optimal benefit from the country's mineral resources and reduce overreliance on the export of raw minerals, which denies Ghana the full value across the entire value chain.\r\n\r\nMr. Jinapor further highlighted illicit financial flows as a significant challenge within the extractive industry, with practices such as illegal exploitation, tax evasion, trade mis-invoicing, transfer pricing, and under-declaration contributing to the problem. He called for sustainable practices and a balanced approach that promotes economic growth, social equity, and environmental stewardship.\r\n\r\nOn the sidelines of the event, David Ebo Johnson, Director of Communications and External Relations at Newmont Ghana-Ahafo North, emphasized the significance of the mining sector's contribution to the global energy transition and green technology. He noted that the event provided an opportunity for mining companies to showcase the steps they are taking to align with global energy ambitions.\r\n\r\nAs Ghana navigates its mining and energy potentials, the call for enhanced security measures, responsible practices, and sustainable development resonates throughout the industry. With concerted efforts, collaboration, and a comprehensive approach, Ghana's mining and energy sectors can thrive, contributing to long-term economic growth, social progress, and environmental conservation."

"Security threats jeopardize Ghana’s position as Africa’s top gold producer, warns Chamber of Mines"

CEMSE wants NPA queried over $80/mt tax on LPGAMP

NPA generates $4 million from $80/mt tax on LPG in yet-to-rolled-out Cylinder Recirculation ModelAMP

West Africa can add $45.7bn to global exports by 2027 – ECOWASAMP