The Ghana Chamber of Mines is calling for a law similar to the Petroleum Revenue Management Act (Act 815) so as to track projects funded with mineral revenue.
The Act 815 was enacted to provide a framework for the collection, allocation and management of petroleum revenue in a responsible, transparent, accountable and sustainable manner for the benefit of citizens of Ghana in accordance with the 1992 Constitution.
Mr Koney said the sector’s fiscal contribution increased from GHC1.24 billion in 2014 to GHC 1.4 billion in 2015, representing 8.8 percent growth. In addition, he said the sector accounted for 15 percent of the domestic revenue generated by the Ghana Revenue Authority.
According to the Bank of Ghana , the sector was the leading source of foreign exchange in 2015, contributing in excess of 31 percent of total merchandise exports .
He made the call at the 2016 Zone two inter-mines First Aid and Safety Competition held at Prestea in the Western Region under the theme, “safety our way of Life.”
“These funds are largely channelled into the national budget to finance development programmes of the state.
“It is in this light that we continue to urge the government to pass a law similar to the Petroleum Revenue Management Act for the mining industry.
“Aside providing clarity on how the funds are utilised, such a law will also promote good governance and prudential management of revenues from the mining sector, Mr Koney said.