President of the Ghana Chamber of Mines, Michael Edem Akafia
The Ghana Chamber of Mines has warned that proposed fiscal measures could undermine the country’s competitiveness and drive investment to neighbouring jurisdictions, with Côte d’Ivoire emerging as a major beneficiary.
President of the Ghana Chamber of Mines, Michael Edem Akafia, in an interaction with some journalists of the African Extractives Media Fellowship noted that decisions that fail to balance government revenue objectives with industry sustainability could result in job losses, cancelled projects and capital flight.
“So, if that mine which is only now starting or that mine which is in a loss making position is burdened with this, then you can imagine jobs will be lost, projects will be cancelled and things like that,” he said.
According to Akafia, the Chamber of Mines has submitted a position paper outlining projects and employment at risk.
“We actually put together a position paper, which outlines all those projects that are at risk and the jobs that are likely to be affected,” he said.
He cautioned that excessive fiscal pressure could shrink the sector and reduce government revenue over time.
“If it’s a shrinking pile, you don’t get the revenue that you’re expecting,” he said.
Akafia pointed to Côte d’Ivoire as a growing competitor for mining investment.
Gold Coast Refinery to process two tonnes of gold weekly – Finance Minister
“We’ve lost investments in Cote d’Ivoire. There used to be a company here called Ken Ross. It’s left Ghana, a big global mining player,” he said, adding, “Endeavor has mines in Cote d’Ivoire. It left Ghana but stayed in Cote d’Ivoire.”
He said investor sentiment against Ghana was becoming entrenched. “They say they’ll not touch Ghana with a long pole,” he said, referring to discussions with industry players abroad.
Akafia warned that competitiveness, not short-term revenue, should guide policy. “Anything else will make you lose competitiveness,” he said.
#TrendingGH: Watch some Ghanaians react to Kotoka International Airport renaming:
