10% Mining Profit “Virtually Useless” – Bawumia

The 10 per cent ‘carried interest’ government earns from mining operations is “virtually useless” and has yielded zero dividend for government over the years, Vice-President Dr Mahamudu Bawumia has said.

Dr Bawumia has, therefore, called for a re-examination of the country’s natural resource control and governance strategy.

He said the situation has “deprived the people of Ghana of considerable amounts of domestic revenue”.

“We, therefore, have to re-examine our natural resource control and governance strategy, our resource fiscal regime from exemptions to carried interest, and how to use our natural resources to build a better and prosperous economies.”

Dr Bawumia said this in his opening remarks at the launch of the International Monetary Fund’s Regional Economic Outlook for sub-Saharan Africa in Accra on Tuesday, 8 May 2018.

Source: ClassFMonline