Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Gov’t to scrap stability agreements within the minerals sector

  • SOURCE: | qwesa2big
  • John-Peter-AmewuMinister designate for lands and Natural Resources, John Peter Amewu, has said that stability agreements would be scrapped if his nomination is approved by Parliament.

    Responding to questions by the appointment committee on Tuesday, January 31, Mr. Amewu said removing stability agreements in the mining and oil sectors will increase revenue accrued from there.

    “There are clauses in the contracts entered into by government and international companies in those industries which seek to protect the investment of the foreign entity. These sometimes come in the form of tax waivers to encourage more foreign investment. Such agreements have been criticized by stakeholders as they deprive the country of needed revenue,” he said.

    He also revealed that government will review the taxes on imported wood. He believes such taxes prohibit the country from sourcing quality wood from its neighbors to feed the furniture industry.

    Source: http://www.todaygh.com/govt-scrap-stability-agreements-within-minerals-sector/

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar