{"id":237637,"date":"2024-10-23T12:27:29","date_gmt":"2024-10-23T12:27:29","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/23\/cost-of-illegal-mining-to-economy-unsustainable\/"},"modified":"2024-10-23T12:27:29","modified_gmt":"2024-10-23T12:27:29","slug":"cost-of-illegal-mining-to-economy-unsustainable","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/23\/cost-of-illegal-mining-to-economy-unsustainable\/","title":{"rendered":"Cost of illegal mining to economy unsustainable"},"content":{"rendered":"

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\"File File photo of a galamsey site<\/span><\/span><\/p>\n<\/div>\n

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The United Nations (UN) Resident Coordinator for Ghana, Mr. Charles Abani, has observed that addressing illegal mining or galamsey is crucial to establishing a sustainable economy.<\/p>\n

He further indicated that illegal mining has devastating impacts on people, poverty, jobs, child-labour, the environment and water, while also driving illicit financial flows.<\/p>\n

The UN resident coordinator made this known when delivering the keynote address at the Institute of Sustainability Professionals Ghana (ISPG) launch.<\/p>\n

In buttressing his point, he added that a study by the UN estimates the minimum illicit financial flows impact in the region is US$3billion a year.<\/p>\n

\u201cPer our estimate in the UN, based on proxy figures from other countries in the sub-region where we have done this study, the minimum Illicit Financial Flows (IFFs) impact in the region is US$3billion a year.\u201d<\/p>\n

\u201cThat is the size of money you borrowed from the IMF for three years to survive. So, if you address galamsey you will have a sustainable economy,\u201d he stated.<\/p>\n

Corroborating UN statistics, a study by the Africa Centre for Energy Policy (ACEP) on IFFs and the extractive industry in Ghanam states that in 2013 IFFS from illegal mining alone cost the country US$1.7billion.<\/p>\n

As a result, Mr. Abani urged citizens to keep up with the conversation on illegal and unregulated mining because it is a catalytic issue that can transform the economy and lead to a sustainable economy.<\/p>\n

The ISPG is dedicated to advancing sustainability practices and fostering professional development in Environmental, Social and Governance considerations and standards in Ghana.<\/p>\n

It aims to be a hub for knowledge-exchange, capacity building and strategic collaboration, providing a platform for professionals and organisations to develop a comprehensive sustainability framework.<\/p>\n

President-ISPG, Professor Mathew Tsamenyi, said the institute aims to create a single platform for conversations on sustainability, ensure standardisation, empower companies and SMEs to embrace sustainability for business growth and preserve the environment for future generations.<\/p>\n

Indeed, galamsey has emerged as a pervasive issue in discourse across the Ghanaian landscape because it is characterised by environmental degradation, land and water resource depletion, health hazards for miners and social and economic impacts.<\/p>\n

That is why concerned citizens and organisations have stepped up their game to ensure the country pursues a path to environmental integrity.<\/p>\n

However, in combatting illegal methods of mining it is important that the extractive sector plays a critical role in economic development.<\/p>\n

This is exemplified by the fact that the mining sector contributed a record GH\u20b511.55billion (US$980million) in taxes in 2023, an 81.1 percent increase from GH\u20b56.38billion in 2022 \u2013 making it the largest source of domestic tax revenue.<\/p>\n

Thus, the sector accounted for 22.7 percent of all direct taxes; highlighting its significant role in the economy.<\/p>\n

Obviously, this surge in tax revenues is expected to provide a significant boost to government coffers as Ghana works to reduce its public debt and stabilise the local currency, the cedi.<\/p>\n

Additionally, mineral exports reached US$7.8billion during the year under review \u2013 a 15 percent rise from the previous year\u2019s US$6.8billion. The sector accounted for 47 percent of the country\u2019s gross merchandise exports.<\/p>\n

Consequently, it places the sector ahead of cocoa and oil \u2013 traditionally the economy\u2019s main export drivers, solidifying mining\u2019s dominance in the country\u2019s trade portfolio. Meanwhile, US$4.2billion (71.3 percent) was returned to the economy, data from the Ghana Chamber of Mines indicate.<\/p>\n

In addition to foreign exchange contributions, mining companies spent some US$5.4billion on local products, services and community projects \u2013 with US$3.146billion dedicated to local procurement.<\/p>\n

This development aligns with the country\u2019s efforts to promote local content and enhance Ghanaian businesses\u2019 participation in the mining value chain.<\/p>\n

The sector also allocated US$31.53million toward corporate social responsibility initiatives in host communities: including investments in education, healthcare and infrastructure development.<\/p>\n

The mining sector\u2019s robust performance provides crucial fiscal relief as government seeks to balance its budget and implement austerity measures.<\/p>\n

Despite these positive contributions, concerns about environmental degradation linked to illegal mining remain significant\u2026. with the Chamber severally indicating the danger it poses to investments of member-companies.<\/p>\n

Consequently, recent times have seen environmental groups, Civil Society Organisations (CSOs) and organised labour calling for stronger regulation to protect forest reserves and water-bodies.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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