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ACEP demands swift passage of mineral revenue management law

  • SOURCE: citibusinessnews.com | Citi FM

  • The African Centre for Energy Policy (ACEP) wants the government to make do its promise of passing the Mineral Revenue Management Law to track revenue made in the mining sector.

    The government is yet to pass the law almost two years into its administration. A development, ACEP believes raises concerns on the future of investments in developing mining communities.

    The passage of the mineral revenue management law is among the numerous issues outlined in the NPP’s 2016 manifesto bordering on the party’s plan to develop the lands, forestry and mining sectors.

    Among others, chapter seven of the NPP manifesto highlights the party’s plan to be environmentally conscious in issuing mining leases which will involve the passage of the law.

    The law will be similar to the Petroleum Revenue Management Law and it will guide the use of mineral revenues in strategic sectors of the economy.

    The Executive Director of ACEP, Benjamin Boakye tells Citi Business News the new law should provide traceable information on the disbursements of all revenue accrued from mining operations.

    “We are getting over 1.5 billion cedis annually from the extraction of gold and other minerals. So if we do not have the law in place, how do we ensure that we can track the use of the revenue coming in?” he retorted.

    In 2016 for instance, mineral proceeds were estimated at 5.1 billion cedis.

    This, civil society groups believe must be properly tracked and their impacts measured.

    The call also comes at a time where other industry watchers are urging the government to implement recommendations bordering on renegotiating mining deals to favour the economy at large.

    The Chamber of Mines has backed ACEP’s move calling for the passage of the law as soon as possible.

    Its CEO, Sulemanu Konney tells Citi Business News his outfit will see to the enforcement of the law by its members when passed.

    “We should be able to follow and see how monies received by the government from the mining sector are utilised,”

    Currently, the Lands and Natural Resources Ministry is seeking proposals as it has engaged a consultant for the various input and eventual passage of the mineral revenue management law.

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