Gov’t To Ensure Proper Account of Gold Mined

The Vice President, Dr. Mahamudu Bawumia has disclosed that government is putting in place measures to ensure gold exports are properly accounted for.

According to him, they have begun conversations about the process of making sure that every single bar of gold leaving the country’s shores is properly weighed, tested, valued, and accounted for.

At the Regional Conference on Fiscal Management of Mining and Petroleum in West Africa on yesterday, Dr. Bawumia said “it is a positive step in the right direction and we are impressed with the collaboration between the Ghana Chamber of Mines and the Precious Minerals Marketing Company in making sure we expedite the full spectrum of accounting for our gold resources.”

In Ghana, Precious Minerals Marketing Company (PMMC), a State-owned Organization, is solely responsible for testing and accounting for all gold mined in the country.

Meanwhile, major mining firms in the country have been testing gold mined from their mines by themselves before exporting them.

Expressing worry over the issue, Dr. Bawumia indicated that it is not acceptable that for a very long time an institution of state with the powers to help in properly accounting for the country’s mineral resources was not enabled nor allowed to perform its job.

“This has to change. I know of a bauxite mining company that over the last five years has paid no dividends to government because it claims it has made no profits yet it continues to mine vigorously. This cannot be right,” he revealed.

He entreated the delegates to consider during their deliberations, the difference between the contracts in the oil and mining sectors.

Siting an example using the countries oil and mining sectors, he said “for 100 barrels of oil drilled, per the contract, we know what Ghana’s share is. This is not the case for 100 tons of gold mined. Why should there be such a difference?”

The three days Conference, on Fiscal Management of Mining and Petroleum in West Africa, focuses on how to strengthen the fiscal management of mining and petroleum resources.

It is being financed by the International Monetary Fund’s thematic fund on Managing Natural Resource Wealth.

By: Emmanuel Yeboah Britwum/ [email protected]