The Deputy CEO of the Minerals Fee has rejected strategies that authorities is pursuing an aggressive anti-investor coverage within the mining sector within the wake of its resolution to take over the Damang mine from Gold Fields Ghana.
Isaac Andrews Tandoh, talking on Pleasure Information’ PM Specific Enterprise Version, stated, “We’re not saying we’re going to chase all mining corporations away. We’re not going to do this.”
His feedback come a day after the Lands Ministry introduced that authorities had taken over operational management of the mine after rejecting Gold Fields’ lease renewal utility.
Mr. Andrews Tandoh argued that the choice was justified. He stated Gold Fields had loved important state assist and incentives over time however had did not reinvest earnings into native operations.
“After giving them a 30-year lease, authorities even bettered the state of affairs for them by giving them a growth settlement,” he stated.
“This settlement waived some tax liabilities. They obtained gasoline tariff waivers. Whereas Ghanaians have been crying over gasoline costs, these corporations have been having fun with reduction.”
He stated the expectation was that Gold Fields would reinvest these earnings in Ghana.
“As a substitute of growing the Damang mine, they have been shopping for mines in Canada and Chile,” Mr. Andrews Tandoh disclosed.
“They will’t inform us the cash didn’t come from Ghana. It’s onerous to maneuver cash out of Australia. One of many few locations they’ll freely transfer cash from is our nation.”
He famous that within the final two years, the corporate was primarily treating stockpiles at Damang, a follow he believes permits for simple revenue with out actual funding.
“It’s like taking free money from Ghana with out really working. And this can not proceed,” he stated. “Ghanaians deserve higher.”
On the broader implications for investor confidence, Mr. Andrews Tandoh dismissed fears of a hostile surroundings.
“We’ll take it case by case. We’ll assist the mining corporations to do their work. However let’s be trustworthy—capital is now not an enormous argument.”
He pointed to the rising capability of Ghanaian corporations to deal with large mining operations.
“BCM had superb Caterpillar financing. Engineers & Planners signed a $250 million take care of Caterpillar. LIBE got here in with over $100 million. Rockshore is shopping for tools price a whole bunch of thousands and thousands,” he revealed.
He argued that native capability is rising and the period of full international dominance is fading.
“In contrast to these days when individuals couldn’t entry funding, it’s a factor of the previous,” he stated.
“Our native corporations are getting there.”
Isaac Andrews Tandoh insisted that the Minerals Fee would all the time act in Ghana’s curiosity.
“We are able to’t proceed on that trajectory,” he stated. “After 30 years, you don’t simply take and go. You should give again.”
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