The Minerals Commission is proposing to government to suspend some ongoing projects which are being executed with mineral revenue.
This has been necessitated by the declining price of gold on the international market.
From January to June this year gold prices have fallen by almost thirty percent amounting to about 500 Dollars.
Chief Executive of the Minerals Commission Ben Aryee tells XYZ Business the declining gold prices will significantly reduce mineral revenue for developmental projects.
“The implications for us as a country is that where as the companies selling the gold would lose by that margin they will also pay less royalties and less taxes to government. This will impact government revenue as well so the implication is that revenue that government has planned will not come in as well so that is the challenge we face now.”
Mr. Aryee urged government to shift attention from gold as a major foreign exchange earner.