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Veep opens website to promote transparency in mining
industry
Accra, Jan. 15, GNA - Vice President Alhaji Mahama on Monday
launched a website to promote efforts to ensure that
transparency and accountability become the hallmark of the
mining industry in Ghana.
The website: www.gheiti.gov.gh, which was the brainchild of
the Executive, with support from Germany would showcase
information on fiscal inputs and outputs of the industry.
Vice President Mahama launched the Information,
Communication and Technology facility in Accra at day's
international workshop on Extractive Industries Transparency
Initiative (EITI), launched by the British Prime Minister in
South Africa in 2002 to among other things ensure greater
transparency and accountability in the exploitation of
natural resources.
"We all know that this website will be inaccessible to the
average Ghanaian. However, they listen to radio and read
local newspapers," he said.
Vice President Mahama, therefore, challenged the Independent
Aggregator to publish its reports in the mass media or
bulletins and newsletters of the district assemblies to
"constitute a veritable part of the transparency and
accountability process in governance".
He said the setting up of a National Steering Committee and
the establishment of a Secretariat on EITI called for
accountability and transparency in the management of forest
resources.
Vice President Mahama said: "Ghana as a signatory to the
EITI concept has to ensure that things are done right on the
part of the investor, operator and government in a
collaborative manner.
"To this end, a legislative framework will soon be put in
place to give legal backing to the concept, which will then
enable Government to give regular budgetary support to the
initiative."
Referring to the publish-what- you- pay media concept
adopted by the Ghana Chamber of Mines for mining companies,
Vice President Mahama asked the Chamber to improve on the
notion by adding: "Restore -what-you damage" in order to
reduce tensions associated with mining activities in some
local communities. This attracted cheers.
He said Ghana had introduced generous incentive packages and
a fiscal regime to boost the mining industry.
Some of these incentives include royalty payments of three
per cent on production; loss carry forward for five years
and capital allowance of 80 per cent in the first year of
operation while the rest is spread over the lifetime of the
mine.
"Its is common knowledge that the price of gold has
increased steadily in recent times, yet mining companies
continue to pay three per cent royalty to Government. One
would have expected an increase in royalty payments based on
the sliding scale of three and six per cent.
"This is not being done and it is of concern to Government,"
he said.
GNA
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