50% or nothing: Dormaahene sets key condition for mining in his jurisdiction

The Omanhene of the Dormaa Traditional Area, Osagyefo Oseadeeyo Dr. Agyemang Badu II, has declared his intention to welcome mining companies into his jurisdiction to boost employment and development.

In a video sighted by GhanaWeb, Agyemang Badu II, during a speech at a public event, acknowledged the significance of mining as a driver of development but stressed the necessity for mineral extraction to be conducted responsibly and fairly.

He outlined several conditions that must be met by companies wishing to mine in Dormaa, including an agreement to share 50% of the profits with the state.

"This is breaking news. It is time for me to allow those willing to meet my conditions to extract our resources so that our President Nana Addo Dankwa Akufo-Addo can reap larger profits. It won't be like other situations where they take 93% and the state gets only 7%, no! In Dormaa, once you recover your capital, you will split the profit in half, giving 50% to Nana Addo Dankwa Akufo-Addo and keeping the remainder as your profit," he stated.

He added that the profits accruing to the state would significantly contribute to Dormaa's development through royalty payments.

He revealed that some companies have already accepted the proposal and have paid a substantial amount to the Dormaa state.

"The money paid to Dormaa is non-refundable. As I speak, the money is in our Commercial Bank (account), and my chiefs know how much we have. In due time, it will be made public, and we will decide what to use the money for," he stated.

"People of Dormaa will prosper during my reign. If possible, I want to start before the year ends; every child born in Dormaa will receive payment, whether native or not, as long as the child is born on Dormaa land," he stated.

Over the years, Agyemang Badu II has spoken out about Ghana's mineral royalties, lamenting what he considers the unfair payment of gratuities to the state by mining companies.

Dormaahene Osagyefo Oseadeeyo Dr. Agyemang Badu II has announced plans to welcome mining companies into his traditional areas to increase employment opportunities for his people. He asserted that he will only accept a 50% share of the profit for the government of Ghana to help… pic.twitter.com/UN24lcNV13

— EDHUB🌍ℹ (@eddie_wrt) June 11, 2024

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