The minerals sector contributed about GH¢2.36 billion in fiscal receipts in 2018, representing 14 per cent of direct domestic receipts and five per cent of government’s revenue, the Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Mr Sulemanu Koney, has said.
On the average, he said, the sector’s contribution to the country’s gross domestic product (GDP) between 2013 and 2018 stood at 8.5 per cent, making it the largest productive sub-sector within the period.
“The sector accounted for some 38 per cent of Ghana’s merchandise exports between 2013 and 2018, making it the fourth largest economic sector, and further saw producing companies retaining an average of 74 per cent of their foreign exchange earnings in the country within the period,” he said.
Speaking at the opening of a local content workshop for the mining industry in Accra yesterday, Mr Koney noted that the feat had made it possible for the sector to employ one per cent of Ghana’s labour force, with a multiplier effect on the non-mineral economy.
The workshop, on the theme: “Harnessing the opportunities within the mining industry’s local content: The journey so far and way forward”, brought together mining companies, suppliers and service providers, as well as other relevant stakeholders, to deliberate on the implementation of the procurement list and the local content initiative in general, in line with the objectives set out in the Minerals & Mining (General) Regulations, 2012 (L.I. 2173).
Mr Koney noted that local content remained a critical factor in harnessing the inherent value from the sector for broad-based socio-economic.
Participants also discussed inherent challenges and opportunities in the implementation of local content provisions, proposing what they described as viable solutions, going forward, for the sector.
Mr Koney said local content, when implemented effectively, would lower stock and ensure competitive cost of inputs and better after-market service for players.