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Tag: Banking sector clean up

Banking and Finance Economy General News

Banking sector clean-up served as a shock absorber during Covid-19, economic crisis – John Awuah

The Chief Executive Officer of the Ghana Association of Banks, John Awuah,…

February 23, 2024

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Mining Reforms Must Protect Jobs, Investment and Community Interests — Ghana Chamber of Mines The Ghana Chamber of Mines has called for sustained dialogue and careful consideration of the economic implications of ongoing mining sector reforms, stressing that efforts to deepen Ghanaian participation must also safeguard employment, investment and the industry’s long-term competitiveness. The Chamber’s Chief Operating Officer, Ahmed Dasana Nantogmah, said recent concerns expressed by mineworkers and host communities highlighted the importance of consultation and a balanced approach to mining policy and regulatory decisions. His comments follow protests by mineworkers at Akyem Abirem over the directive to transition certain mining operations from owner mining to contract mining. The workers have raised concerns about potential implications for job security, wages, benefits and existing conditions of service. Mr. Nantogmah acknowledged government’s commitment to strengthening local participation in the mining industry, describing it as an important national objective that the Chamber supports. “Greater Ghanaian participation in mining is an objective we all share. However, the approach must protect existing jobs, maintain safety and operational efficiency, and ensure that the industry remains competitive enough to sustain investment and create new opportunities,” he said. He emphasised that significant changes to established mining operating models require meaningful consultation among regulators, mining companies, employees and other stakeholders to ensure that policy objectives are achieved without unintended economic consequences. Commenting on the ongoing discussions surrounding the renewal of Gold Fields Ghana’s Tarkwa mining leases, Mr. Nantogmah acknowledged the expectations of host communities for greater and more visible benefits from mineral development. “Mining communities must see tangible improvements in their livelihoods. Equally, investors must have confidence that their rights and obligations will be administered fairly and consistently. These objectives are not mutually exclusive,” he stated. He stressed the importance of constructive engagement with traditional authorities and other stakeholders, while ensuring that decisions concerning mineral rights are guided by transparent, predictable and lawful procedures. Mr. Nantogmah also noted the recent regulatory developments involving Adamus Resources and Northern Ashanti Mines, emphasising the importance of continued engagement in addressing such matters. He acknowledged the responsibility of the Minerals Commission and the Ministry of Lands and Natural Resources to ensure compliance with mining laws, while encouraging dialogue, due process and mutual understanding in resolving regulatory concerns in the interest of sustaining investor confidence and protecting Ghana’s mining industry. The COO further pointed to recent operational and financial results announced by Galiano Gold and AngloGold Ashanti as indications of the industry’s capacity to sustain production and pursue further investment opportunities. He noted that realising this potential requires a stable operating environment, access to capital and a competitive fiscal and regulatory framework. “Our collective objective should be to develop mining policies that secure fair revenues for the State, expand opportunities for Ghanaian businesses, protect jobs and deliver lasting benefits to communities, while encouraging the investments needed to sustain future mineral production,” he said. Mr. Nantogmah reaffirmed the Chamber’s commitment to working constructively with government, regulators, organised labour, traditional authorities and other stakeholders to strengthen Ghana’s position as a competitive and responsible mining investment destination
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