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A professor of Economics and Finance at the University of Ghana Business School, Prof Godfred Bokpin has revealed that the state loses more than\u00a0$2.4 billion annually<\/strong> to illegal mining (galamsey).<\/p>\n He made this claim on the\u00a0Super Morning Show<\/strong> on Thursday, October 3, while highlighting the financial implications of galamsey on the country.<\/p>\n Bokpin noted that, Ghana is headed for a serious national crisis if galamsey is not addressed immediately, due to the state\u2019s inability to recover revenue lost to illegal mining activities.<\/p>\n \u201cI\u2019m looking at irresponsible mining from different angles, so we are not benefiting optimally. The revenue losses, in total, amount to over\u00a0$2.4 billion annually<\/strong>. That is the fiscal loss to the state. In fact, that\u2019s far more than what we are getting from the\u00a0IMF<\/strong>,\u201d he stated.<\/p>\n He predicted that the nation will not be able to cope with the environmental and health effects of illegal mining, as the inability to retrieve lost revenue would hinder corrective measures.<\/p>\n \u201cSo, the fiscal losses are huge. In other words, we are not getting the revenue from there, even if we want to deploy it to mitigate the side effects. When we talk about illegal mining, smuggling, and the associated losses, we are losing massively. We are not benefiting optimally from the resources God has endowed us with,\u201d he added.<\/p>\n In a tone of urgency, Martin Kpebu warned that Ghana\u2019s economy cannot be developed or recovered if the environment continues to be degraded.<\/p>\n He further argued that those who claim a ban on galamsey would lead to job and revenue losses are mistaken, as mining, despite its contribution to GDP, has not significantly impacted employment, reduced poverty, or narrowed social inequality.<\/p>\n \u201cBetween 2011 and 2022, nearly\u00a020%<\/strong>\u00a0of our\u00a0GDP growth<\/strong> came from mining and quarrying, but job creation hasn\u2019t responded positively, nor has it contributed to poverty reduction or reduced inequality,\u201d Prof Bokpin explained.<\/p>\n He also said that while there are responsible ways to conduct mining, a number of irresponsible miners have been granted permits to operate, adding to the environmental degradation.<\/p>\n \u201cThere is a responsible way to do mining. However, the path we have chosen, particularly with artisanal and illegal mining, is not sustainable. Let me digress\u2014do you know that ten years ago, preliminary data showed many small businesses engaged in illegal mining? Many now have permits, but even with permits, some are still engaging in irresponsible mining,\u201d he revealed.<\/p>\n Bokpin warned that if galamsey is not curbed soon, it could destroy Ghana\u2019s economy. He stressed that if this happens, it would not be due to a lack of data, but rather as a result of poor decisions by the nation.<\/p>\n \u201cIf we perish, I believe it will be because of the path we have chosen. It would be due to a choice\u2014a decision made by a country of\u00a037 million people<\/strong>.\u201d<\/p>\n