Gaps in gold-for-oil policy will be addressed – Government

The Ministry of Lands and Natural Resources has said concerns about the intended government initiative to purchase oil with gold from the country will be resolved as the country readies to receive the first consignment of oil under the policy in a week.

According to the Deputy Minister for Lands and Natural Resources, George Mireku Duker, the teething challenges emerging from this new approach by government are expected; maintaining that extensive engagements with all the stakeholders will continue.

Meanwhile, he disclosed that the first shipment of oil in line with the new policy is expected in the country soon – likely in a week.

Speaking at a meeting with the Ghana Chamber of Mines in Accra, Mr. Duker said the meeting at beginning of the year was to enable the ministry bring lasting solutions to concerns raised by the Chamber.

Some of the issues raised concerned local content development, fiscal regime stability; and mine security in the era of galamsey, and taxes among others. On the back of these, he recognised that the Chamber is a key partner in the mining industry – with which government will continue to engage.

Also, it emerged that Ghana Armed Forces (GAF) have acquired some high-tech military aircraft that can help boost surveillance in the mining sector. The aircraft, currently being kept in Takoradi, are also expected to be deployed soon to the mining areas as part of efforts to promote responsible mining in the country.

Furthermore, during the meeting Minister for Lands and Natural Resources Samuel Abu Jinapor noted that the Chamber of Mines remains key to attaining the vision of making Ghana a mining hub of Africa. He emphasised the need for deliberate engagement between the ministry and the Chamber to make this vision realisable.

The Chamber, he said, needs to take a leading role in regulation of the mining industry; assuring of the ministry’s readiness to consider proposals and assistance from the Chamber and all other stakeholders.

“As partners, we have to find a proper platform for engagements; and I believe that is the spirit with which we’ve been working for the past two years. We must see ourselves as partners. For us to be able to derive the needed benefits from the sector, we must continue to see each other as partners. As partners, it is important that we have these kinds of constructive engagements,” the minister said.

The President of the Ghana Chamber of Mines, Joshua Mortoti, after the meeting restated the Chamber’s commitment to support government in realising its vision for the sector. However, he observed that the ‘health of the industry’ remains paramount – and that it is key nothing is done to comprise it. The Chamber, he said, is willing to engage further on the gold for oil policy so as to have a deeper understanding.