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Parliament passes Minerals Development Fund Bill

courtParliament last Friday passed into law the Minerals Development Fund Bill, 2014.

The law is to streamline the raising and disbursement of minerals funds, boost infrastructure development in mining communities and support efforts to discourage illegal mining.

For instance, the law makes room for the establishment of a mining community development scheme into which proceeds from royalty payments and development funds of mining companies and other sources would be paid.

Besides, the law makes provision for funds mobilised from various sources to be used by local development committees for infrastructure projects in the mining communities.

The law also prescribes guidelines on how to roll out corporate social responsibility projects, ensure health and safety standards, tackle environmental issues and resolve issues relating to blasting activities of mining companies.

Chief Executive Officer

Under the law, the President shall in accordance with Article 195 of the Constitution a Chief Executive Officer for the Fund.

The Chief Executive is responsible for the day-to-day administration of the affairs of the Fund.

The law says the Chief Executive may delegate a function to an officer of the Fund but shall not be relieved of the ultimate responsibility for the performance of the delegated function.

Source: http://www.graphic.com.gh/news/general-news/58342-parliament-passes-minerals-development-fund-bill.html#sthash.ibSL4btM.dpuf

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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