Thursday, 18 April

EITI launches 2020 report on Oil/Gas; Duker calls for enactment of Mineral Revenue Mgt Act

Business
At the launch of the 2020 Mining and Oil/Gas Ghana Extractives Industries Transparent Initiative (GHEITI) report

George Mireku Duker, the Deputy Minister for Lands and Natural Resources responsible for Mining has called for a Stakeholders’ Dialogue and Engagement on the passage of the Mineral Revenue Management Act.

The Deputy Minister believes the time has come for such discussions to be held as the enactment of the Act could lead to vast improvement in the governance structure of the mining sector and ensure effective management of revenue generated from the sector.

Delivering an address at the launch of the 2020 Mining and Oil/Gas Ghana Extractives Industries Transparent Initiative (GHEITI) report on Tuesday, 6th June 2023, Mr Duker observed that the major factor that propelled the oil sector to earn higher points than the mining sector in the 2017 and 2021 Resource Governance Index reports is the Petroleum (Exploration and Production) Act, 2016.

“A careful study of the 2017 and 2021 Resource Governance Index reports revealed that, though the Ghana gold mining industry precedes the discovery and production of oil and gas in Ghana with over a century, our oil and gas sector according to the reports scored higher than the mining sector”, he said.

“This was as a result of the institutionalization of much transparency and accountability measures in the oil and gas. I believe the time is very ripe to discuss if feasible, the enactment of the Mineral Revenue Management Act just as we did with the Petroleum Sector,” he added.

Mr Duker also disclosed the sustainable and responsible management of Ghana’s extractive resources for the socio-economic well-being of Ghanaians remains the primary goal of government.

According to him, the government through the Ministry of Lands and Natural Resources is determined to pursue its objective of facilitating the development of the country through sustainable resource exploitation methods.

“I would like to assure all stakeholders that government, through the Ministry of Lands & Natural Resources, has only one goal in managing and regulating the country’s mineral and other Natural Resources under its authority; that is, to ensure their responsible extraction and utilization for sustainable growth and development and for the benefit of our nation and its citizens”.

“I, therefore, believe the publication of these reports are also in furtherance of the African Mining Vision (AMV), which is geared toward achieving the Sustainable Development Goals (SDGs),” he reiterated.

The Deputy Minister stated the giant strides made in Ghana’s extractive industry, particularly the mining sector is due to effective collaborations between stakeholders. Whiles recognizing the remarkable impact of the collective efforts in turning around the fortunes of the mining industry, Hon. Duker pressed home the need for strengthening and promotion of policies and innovations that ensure the attainment of same.

Dr. Mohammed Amin Adam, the Minister of State at the Ministry of Finance, commended all persons and organizations who contributed to the crafting of the report.

He noted, the report, if adopted by the various stakeholders will help address most of the challenges in the extractive sector.

Mr Ben Aryee, the Advisor of Mines to the Lands Minister who Chaired the event said the arrival of the EITI report bridged the accountability gap in Ghana’s extractive sector.

He noted that “for us signing onto EITI was meeting a certain need” and that the country has reaped the benefits of signing on the EITI.

Source: Classfmonline.com