Transparent Accounting Needed For The Nation’s Natural Resources – Veep

The government is preparing to introduce a regulation that will ensure transparent accounting for the export of Ghana’s natural resource, Vice President Alhaji Dr Mahamudu Bawumia, has said.

“For the most part …we are told by natural resource extraction firms that we have exported a certain amount of gold, oil, and bauxite but the question is how do we verify that indeed that is the exact quantity that was exported”, he said.

Vice President Bawumia said this on Monday at the opening of the 69th Annual New Year School and Conference (ANYSC).

This year’s event is being held under the theme: “Job Creation for Accelerated National Development: The Role of the Private Sector”.

“Under the new regulation, we are going to insist on a transparent accounting of our natural resource. In other countries when a mineral is mined, it is under the control of government until it is exported. We are going talk with the mining and oil firms and insist on a transparent accounting system,” Vice President Bawumia said.

He said during an interaction with some officials of Dubai during a recent visit, they praised Ghana’s high quality of gold and the quantum exported but the figures did not match what was locally reported.

Vice President Bawumia said as part of efforts to change the developmental project financing, government was going to leverage on the country’s natural resources available to finance projects.

“What has happened over the years is that we were borrowing but if we have these natural resources we can leverage on it. If we have 400-million worth of gold and we need 10 million to do an infrastructure, we should be able to strike a deal that will get me the money with the natural resource but not by borrowing”

Vice President Bawumia said government was collaborating with the private sector to employ 100, 000 graduates under the Nations Builders Core, an employment scheme for graduates, which will engage teachers, nurses and agric extension agents amongst others.

“This year is for job creation, there are many vacancies that are available and many people are unemployed so we are working to ensure that these positions are filled,” he said.

Dr Bawumia said an advertisement to solicit qualified contractors to partake in the ‘one-village one dam’ project would be out this week and due processes would be adhered.

Source: GNA