Edward Nana Yaw Koranteng
ROYALTY PAYMENTS due the government from non-gold minerals such as manganese, salt, limestone and quarrying activities are set for an upturn due to an inter-agency collaboration framework and task force initiated by the Minerals Income Investment Fund (MIIF).
The framework is part of the strategic thrust of MIIF to enhance the collection of royalties, expand the royalties net and streamline communication on royalty payments from non-gold mining companies.
Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, told journalists in Accra, “I am supremely confident that we will see an upturn in royalties for Ghana from non-gold producers by the end of the year 2022. The gold sector, which constitutes about 92% of the mineral royalties, is also expected to see production increase with new mines coming on board this year. We expect new manganese mines to be announced soon, as well as additional discoveries of baryte and lithium.”
He added, “Since the initiative started in December 2021, MIIF, for the first time in its two-year history, has started receiving royalties from sand winners. Royalties from quarries and limestone activities have surged 105% and 125% respectively. I am pleased to announce that the Minerals Development Fund (MDF) shall soon be added to this inter-agency mechanism to give us a holistic view of the royalties’ landscape, including outflows for the benefit of mining communities and Ghana as a whole.”
Mr. Koranteng further added, “The quarry sector, for example, should be giving Ghana at least GHS50 million a year, but only brought in circa GHS3.8 million in 2020. The salt sector can also be developed to increase royalties exponentially, while silver also has the potential to surge due to its correlation with gold production. Such underpayments are what the Inter Agency Collaboration seeks to arrest,” said Edward Koranteng.
A business desk report