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Minister appeals to Mining Companies to redeem their bad image
Masahudu Ankiilu Kunateh, Ghanadot
Accra, May 31, Ghanadot - The Minister of Lands and Natural Resources, Alhaji Collins
Dauda, has appealed to mining companies operating in Ghana to
redeem their bad image.
He observed that the mining industry’s reputation for
conservation of ecological biodiversity for the benefit of
future generations leaves much to be desired.
“Therefore you must begin, if you have not already done so to
change this negative image of the industry. This repositioning
means listening carefully to the legitimate concerns of
stakeholders, and addressing them in concrete and practical
ways”, the Minister appealed.
Alhaji Dauda made the appeal at the 81st Annual General Meeting
(AGM) of the Ghana Chamber of Mines held in Accra over the week
end.
He called on the captains of the mining industry to adapt
approaches to reflect more explicitly, the balance that needed
to be achieved in the economic, environmental and social spheres
so as to attain real sustainable development in the country,
especially in mining communities.
As part of the current generation, the mining companies must
include future generations and their needs in their operations.
That is to say, it must be possible for the current generation
to meet their needs without compromising the ability of future
generations to their own, Alhaji Dauda urged.
The President of the Ghana Chamber of Mines, Mr. Jurgen
Eijgendaal called on the government to plough back at 30% of its
share of the mineral royalties into infrastructure projects in
the mining communities.
He assured that this would augment the industry’s efforts and
cumulatively redound very well on government and the host
communities.
Reviewing the 2008 performance of the mining industry, Mr.
Eijgendaal disclosed that 63% of mineral revenue last year was
directly returned to the country through the Bank of Ghana as
some commercial banks.
He further disclosed that the mining industry deployed 22% of
its revenue to procure inputs locally besides the 13% and 8%
used to procure diesel and electric power locally.
In sum, producing member companies procured 47% of all their
inputs and 71% of their consumables locally during the period
under review.
According to him, the general state of insecurity and the spate
of illegal mining were rather rampant during the year under
reference.
He cited several cases of illegal mining were reported at Golden
Star Bogoso/Prestea Mines, Gold Fields Damang mines as well as
Anglo Gold Ashanti Ouasi mine.
In his welcome address, the 1st Vice President of the Ghana
Chamber of Mines, Mr. Dan Owiredu noted that one of the greatest
challenges facing the mining industry is the creative
integration of mining as an economic activity within the
imperative of environmental integrity and social concerns.
Ghanadot
Realization of the single currency for the West African
sub-region looks bleak
Masahudu Ankiilu Kunateh, Ghanadot
In spite of several years of preparations and debates,
conferences and consultations, West African countries are still
far from actualizing the dream of a single currency, popularly
known as the Eco for the sub-region.
Indeed, economic indicators within the sub-region shows that it
will take several more years from now before cash dispensers in
the member countries of the monetary union start to roll out
crunchy Eco bank notes instead of national currencies.
At the recent Council of Ministers and Governors of Central
Banks of the West African Monetary Zone (WAMZ) further
recommended that the start of the single currency, Eco and
monetary union scheduled for December this year should be
shifted to January 2015.
This follows the realization that the earlier date is not
feasible.
The latest recommendation was made at the end of the 24th
meeting of the Convergence Council of Ministers and Governors of
West Africa in Abuja, Nigeria. Also present were the West Africa
Bankers Association, West Africa Institute for Financial and
Economic Management, West Africa Monetary Agency, West Africa
Economic Monetary Union and Bank Central Des Etats de l'Afrique
de I'Ouest.
It came out at the end of the meeting that the member states had
failed to achieve adequate and necessary degree of macro
economic convergence and structural and institutional benchmarks
under the Banjul Action Plan (BAP).
The good dream expressed by our politicians and other
visionaries has taken long time to materialize even realizing it
is becoming extremely cumbersome. This is partly due to the over
thousands twists and turns along the way.
Latest information emanating from the West Africa Monetary
Institute (WAMI) headquarters in Accra, Ghana’s capital town
discloses that Ghana is the worst performer in the push for
economic convergence before the introduction of the single
currency.
Ghana is trailing the four other countries of the West African
Monetary Zone (WAMZ) in meeting the convergence criteria.
Because of this poor performance, pressure is mounting on the
country to relocate the WAMI headquarters from Ghana to the
Gambia which has been all the four criteria, since 2006.
However, sources within the WAMI say that the headquarters is
going to be remained forever. This is supported by the
constitution of the WAMI adopted by the West African countries
some time ago.
The four basic convergence criteria are, single digit inflation,
fiscal deficit/gross domestic product ratio of less than four
percent, central bank financing of deficit of less than 10% and
a gross external reserve that could finance not less than three
months of imports, have really a major challenge for many
countries.
Among the four countries, so far, only The Gambia has met all
the four criteria, since 2006, while Nigeria has met three of
them, missing out on inflation target in December 2008, with
Sierra Leone and Guinea meeting two of the criteria.
Depressingly, Ghana has been adjudged as the worst performer,
battling to attain even one of the criteria.
At the meeting to review the Monetary Policy Committee (MPC) of
the Bank of Ghana for the first quarter of this year, the
Governor of the Bank, Dr. Paul Acquah admitted that “it is not
possible to introduce the common currency for the five-member
West African Monetary Zone (WAMZ) this year”, given the economic
performance reported by all the countries so far.
The five West African countries were expected to replace their
national currencies with the common currency in January 2003 but
many factors combined to make the launch date unfeasible, so it
was shifted to December 2009 and further recommended to change
to January 2015.
“Dr Nelson Olalekan Magbegbeola, Principal Programme officer of
ECOWAS Multilateral Surveillance, noted that the single currency
will improve trade and facilitate economic activities in the
sub-region.
He asked WAMI to also collaborate with the ECOWAS Commission in
the implementation of the BAP, especially the trade related
aspects.
He disagreed with claims that "the entire programme was a waste
of resources and time, arguing that it will be more beneficial
to the member counties to adopt a single currency so that their
citizens would not need to change into other currencies each
time that they travelled to other parts of the sub-region.
With regard to the global economic recession, it urged member
states to protect their economies from the ongoing financial
crisis.
"Recent worldwide economic shocks have affected the member
states,” Dr Magbagbeola stated.
He disagreed with claims that "the entire programme was a waste
of resources and time, arguing that it will be more beneficial
to the member counties to adopt a single currency so that their
citizens would not need to change into other currencies each
time that they traveled to other parts of the sub-region.
The Governor of the central bank of Nigeria Charles Soludo said
the only two countries, which had attained the primary criteria
have also come under the global financial pressure and food
crises like other countries in the world.
Ghanadot
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