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| The mining sector is collaborating with the government to address issues - CEO of Ghana Chamber of Mines |
The mining sector is collaborating with the government to address issues - CEO of Ghana Chamber of Mines
According to Suleman Koney, Chief Executive Officer of the Ghana Chamber of Mines, the mining sector is prepared and eager to help the government deal with the current economic crisis as effectively as they can without endangering their own businesses.
He claims that "We are a crucial component of the economy, but these are not normal times. When you are being hosted by a nation and that nation is having problems, I believe that if you identify as a responsible industry, you should engage with the government to see what you can do to help the nation successfully navigate its difficulties."
Thus, he highlighted that the mining industry has embraced the Bank of Ghana's multiple programs, including the domestic gold purchase program.
The mining businesses have been localizing their content and procurement in the interim, Mr. Koney said, adding that these policies have been in the works for a sizable amount of time.
"The truth is that mining corporations' income enable them to return a significant amount of USD currency to the nation. And these funds actually sustain their operations by paying salaries, for different inputs like diesel, power, and various consumables. So, already, a significant portion of it returns—on average, roughly 75%. For instance, we achieved a return of more than 80% of mineral revenue to the nation last year "added he.
He spoke "And you might think, "So what has changed? " The recent drive to push strongly for local value, local procurement, and so on and so forth is what has changed over the past few years."