Radical but fairer way to share Ghana’s gold mining revenue

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• Eugen 12 years ago

  If the miners are so evil that they report cost that are higher than actual thus lowering earnings and thus paying lower taxes, what will stop them to find ways to report lower production. Who should control them, corrupt off ...
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  If the miners are so evil that they report cost that are higher than actual thus lowering earnings and thus paying lower taxes, what will stop them to find ways to report lower production. Who should control them, corrupt officials? The next step would be, to charge tax on sqare meters of the mine!

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• Amekukumenyeakor 12 years ago

  I agree a thousand percent with the author for his analysis of the situation Ghana finds itself as far as the gold mining industry is concerned. It is very appalling to see Ghanaians who should be defending the nations intere ...
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  I agree a thousand percent with the author for his analysis of the situation Ghana finds itself as far as the gold mining industry is concerned. It is very appalling to see Ghanaians who should be defending the nations interest conniving with foreigners to loot our God-given non-renewable natural resource. I fully support the authors assertion that we should demand and get a fair share of the revenue from the gold mining sector and I strongly advice the Mahama administration to reconsider all these mining agreements. Another way to check the under-declaration of revenues from this activity is to bring in the Bank of Ghana to control all gold exports out of this country. The Republic of Guinea recently instituted this policy where all gold exports out of the country goes through their central bank. I will even suggest that all unrefined gold mined by all the mining companies must be sold to the Bank of Ghana at a negotiated discount. The BoG can then sell this gold back-to-back and pay the mining companies in 48hours in foreign exchange. This will increase the revenue we get from this sector. If these mining companies do not like this arrangement they can pack and go. They have exploited us for far too long and we must put a full stop this this looting. What is most disgusting is that some of our own people are complicit in this act of plundering the nations resources. Some even end up being knighted by the queen in England for aiding them to loot. These people must bow down their heads in shame. This selfish people should know that posterity will not forgive them for their unpatriotic acts. Our ancestors will punish their generations for betraying us. Let us seriously rethink this policy of giving our God-given non-renewable natural resource on silver platter to these looting brigades parading as foreign investors who come and plunder our wealth. Enough is enough. I rest my case.

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• Abrampah 12 years ago

  Very good points, but who will listen to you my brother??

  Very good points, but who will listen to you my brother??

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• Prof 12 years ago

  Great brother Akakpo,
  please contact us at:
  motosafrica@yahoo.com
  
  for very important suggestion for discussion.
  
  Yours in Defence of African Minerals
  Thanks

  Great brother Akakpo,
  please contact us at:
  motosafrica@yahoo.com
  
  for very important suggestion for discussion.
  
  Yours in Defence of African Minerals
  Thanks

  reply
• OKOE 12 years ago

  YOU WOULD THINK THOSE BENEFITTING FROM THE MINING OF GHANA'S MINERALS WILL LISTEN TO YOUR ADVICE, ALTHOUGH THEY ARE THE SAME PEOPLE WOULD DO SOMETHING REGARDING WHAT YOU PROPOSING. THEY WILL IGNORE YOU AS LONG AS THEY ARE GET ...
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  YOU WOULD THINK THOSE BENEFITTING FROM THE MINING OF GHANA'S MINERALS WILL LISTEN TO YOUR ADVICE, ALTHOUGH THEY ARE THE SAME PEOPLE WOULD DO SOMETHING REGARDING WHAT YOU PROPOSING. THEY WILL IGNORE YOU AS LONG AS THEY ARE GETTING THEIR SHARE OF THE PROCEEDS FROM THE MINING COMPANIES. GNANA MUST BE VIGILANT.

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• KK 12 years ago

  If the traditional "abusa" system gives mineral owners 33.3% (division into three), why are you now suggesting a division into 4 where the mineral owners will take only 25%? Is 25% not lower than 33.3%? And by "mineral owners ...
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  If the traditional "abusa" system gives mineral owners 33.3% (division into three), why are you now suggesting a division into 4 where the mineral owners will take only 25%? Is 25% not lower than 33.3%? And by "mineral owners", don't you mean us - the govt of Ghana on behalf of the people of Ghana?
  
  I am confused and I am missing something. Somebody help explain that part to me, please.

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• KKO 12 years ago

  "I am proposing a method which at a stroke will eliminate or eradicate all the vampires and the cheap propaganda being waged by the mining companies briefly discussed above and more. The traditional sharing of gold or gold re ...
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  "I am proposing a method which at a stroke will eliminate or eradicate all the vampires and the cheap propaganda being waged by the mining companies briefly discussed above and more. The traditional sharing of gold or gold revenue in Ghana was the “abusa” system or the 2 parts to 1 part system. The gold mined was divided into three parts. The gold miners would take two parts and the mineral owners would take one. That is, the ratio of sharing gold was – mineral owners (O) to miners (M) was 1 to 2; or O : M = 1 : 2. In other words, mineral owners would take 33.33% of the gold extracted or its revenue equivalent and the miners took 66.67%.
  
  I am proposing here that the gold produced should be divided into four parts. The mineral owners should take one part or its equivalent in revenue and the miners should take three parts. That is, O : M = 1 : 3. In other words, mineral owners should have 25% and the miners should take 75%. Mineral owners deserve better but have for long time been denied this. My proposal would redress this long overdue neglect and abuse."
  
  Lawrence,
  Isn't there a problem here, 25% and 33.33%?

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