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Gold: More job losses forecasted

goldGHANA is bracing itself for more job cuts in the mining sector owing to a decline in the world market price for gold.

According to the Ghana Mineworkers’ Union (GMWU), more than 3 000 workers have been laid off following the setback.

“We are likely to see another four hundred plus [in job loses] over the next year”, said William Ankrah, General Secretary of GMWU.

He advised the management of mining companies to plan in advance in order to contain the shocks of gold prices on the world market.

“Mining firms should endeavor to save part of the revenue they get from the price boom seasons,” Ankrah stated.

He argued that in the upcoming years of soaring prices of gold and other precious minerals, the mining companies should invest their earnings to enable them adequately prepare for the year of falling prices.

He meanwhile called on the mining companies operating in Ghana and beyond to cut their alleged extravagant expenses to enable them remain in business in the wake of the cyclical fall in gold prices.

He alleged some firms over the years continued to procure goods that they did not have immediate use for.

“Some of these companies also buy equipment and mining material and allow it to lie fallow,” Ankrah added.

Source:  MASAHUDU KUNATEH/ The Chronicle

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