"Sulemanu Koney Critiques Disparity in Mining Revenue Distribution to Local Communities"

" Sulemanu Koney Critiques Disparity in Mining Revenue Distribution to Local Communities \r\n\r\nSulemanu Koney, Chief Executive Officer of the Ghana Chamber of Mines, has expressed serious concerns regarding the transparency and equity in the distribution of mining revenues across the country.\r\n\r\nDuring an appearance on Joy News\u2019 PM Express Business Edition on September 19, Mr Koney highlighted the growing frustration among mining communities, particularly in Obuasi and Tarkwa, where he claims little to no tangible benefits from the lucrative mining operations are realized.\r\n\r\nMr Koney pointed out that, despite substantial corporate tax contributions from mining companies that often exceed royalties, these funds predominantly remain in the capital, Accra.\r\n\r\n\u201cIs it morally right that practically none of that specifically goes to communities for development?\u201d he questioned, emphasizing the ethical implications of the current revenue allocation system.\r\n\r\nThe CEO noted that even the royalties allocated to mining communities are insufficient and tend to arrive inconsistently, exacerbating the underdevelopment of these areas.\r\n\r\n\u201cFor the average Ghanaian, they go to Obuasi and Tarkwa and see the poor state of the communities, and they ask, \u2018Where are the benefits of mining?\u2019 Meanwhile, the real benefits are in Accra,\u201d Mr Koney stated.\r\n\r\nDespite the implementation of the Mineral Development Fund Act in 2016, he argued that substantial reforms are necessary to ensure mining revenues are effectively channeled to the communities most impacted by the industry.\r\n\r\nHe called for a reallocation of corporate taxes to support local development, insisting that \u201cIf we want to see the transformation of Obuasi and Tarkwa, we should send a lot more money there.\u201d\r\n\r\nMr Koney's remarks highlight a pressing need for a reassessment of the current revenue-sharing framework to foster sustainable development in mining communities and ensure a more equitable distribution of the wealth generated by Ghana\u2019s rich mineral resources."

"Sulemanu Koney Critiques Disparity in Mining Revenue Distribution to Local Communities"

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