The flagbearer of the National Democratic congress (NDC), His Excellency Former President John Dramani Mahama has stated that the next NDC Government under his leadership will ensure that all laws governing the extractive industry in Ghana are reviewed.
Speaking at the CEO Summit, H.E John Mahama said the NDC intends to adopt a combination of approaches to quickly deal with the problems the people of Ghana as well as businesses are facing as a result of the bad leadership provided by the Akufo Addo and Bawumia led NPP government.
“We would review our laws governing the extractive industry so that Ghana can increase its share and local participation in exploiting our natural resources.
With improved revenues from the savings made from a reduced size of government, anti-corruption fight, fast-tracked operationalisation of new oil and gas wells, increased investment in the mining sector and a revamped cocoa sector, we can ease the heavy burden of tax that has been placed on Ghanaian households and businesses.”
Ghana’s extractive industry covers businesses that take raw materials, such as oil, gas, coal, gold, diamond, iron, copper, salt, and other minerals, from the earth, sea and
Ghana is the largest gold producer in Africa and the ninth-largest diamond producer in the world. The country began oil production in 2011, and as of 2013 oil revenues surpassed mining receipts. According to the latest EITI reporting, the extractive sector accounted for 14% of GDP and 18% of government revenue in 2018.
However, the country is bedeviled with issues around improving revenue mobilisation, addressing corruption and illegal mining (galamsey) as well maximising the benefits of extractive projects to the communities and local indigenes among others.
