Business News of Sunday, 9 July 2017
Source: citifmonline.com
2017-07-09
Dr. Mahamudu Bawumia,Vice President of the Republic of Ghana
Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia has stated that the government will do all it can to support mining companies operating responsibly as a means of stimulating the country’s economic growth.
The Vice President expressed his optimism at the positive outcome of the various fiscal policies being implemented under the new regime to relieve businesses of the fiscal burdens in their operations.
Dr. Bawumia was addressing a delegation of the Ghana Chamber of Mines who paid a courtesy call on him at the Flagstaff House in Accra.
The delegation, led by the President of the Chamber, Mr. Kwame Addo-Kufuor, the 1st Vice President, Mr. Eric Asubonteng and the Chief Executive Officer, Mr. Sulemanu Koney, sought to introduce the leadership to the Vice President of the Republic and to assure him of the Chamber’s unflinching support.
Welcoming the delegation, Dr. Bawumia re-echoed the government’s quest to support the mining industry, “a major partner in the economic development of the country”.
He said the government is inviting business partners into various sectors to create an interrelated economy that can rely on internally generated revenue for key developmental projects.
He said the government is inviting business partners into various sectors to create an interrelated economy that can rely on internally generated revenue for key developmental projects.
Dr. Bawumia explained that the NPP administration is keen on ensuring that the local content drive in the industrial sectors are strengthened and made more beneficial to local entrepreneurs and businesses, adding there will be “the creation of linkages among the industries in the country” to bolster value for Ghanaians.
According to him, there is, therefore, a need to develop a mutually beneficial relationship between the Chamber and the government to ensure that the process becomes a reality.
On the issue of illegal mining, Dr. Bawumia reiterated the government’s commitment to develop the Multilateral Mining Integrated Project (MMIP), which is a holistic approach towards tackling the illicit activity.
He intimated that the government already sees the Chamber as a key stakeholder of the MMIP.
President of the Chamber, Mr. Addo-Kufuor, on his part, stated that it is the Chamber’s expectation that all of the relevant ministries will demonstrate the same resolve by the Vice President to partner with the Chamber to propel the local content agenda and to find a lasting solution to illegal mining.
Chief Executive Officer of the Chamber, Mr. Sulemanu Koney, explained how the VAT on Exploration inputs had contributed to the unattractiveness of Ghana as the foremost mining destination in the sub-region.
Mr. Koney stated that in recent times, most investors have turned their attention to neighbouring West African countries due to the fiscal reliefs presented to businesses in the mining sector and urged the Vice President to take a look at such progressive business enabling policies.
The Vice President assured the delegation that the issue of the country’s unattractiveness will be captured holistically in the 2018 budget and promised to continue to work with key agencies to improve Ghana’s image as the preferred mining and business destination on the continent.
