The Government of Ghana is considering a major reform of the country’s mining laws that could reduce the maximum tenure of large-scale mining leases.
The proposed changes form part of a comprehensive review of the Minerals and Mining Act, 2006 (Act 703), which aims to strengthen government oversight of Ghana’s mineral resources and increase opportunities for local participation in the mining industry.
Cabinet has approved the review of the existing mining legislation, with the reforms expected to introduce significant changes to how mineral rights are issued, renewed and regulated in Ghana.
Ghana Seeks Greater Control Over Mineral Resources
Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah said the proposed mining sector reforms are designed to modernise Ghana’s regulatory framework and ensure the country derives greater economic value from its mineral wealth.
The government believes the existing Minerals and Mining Act no longer fully reflects Ghana’s current economic ambitions, particularly its objective of securing a larger share of the benefits generated from the country’s finite natural resources.
The proposed reforms could give the state greater leverage in managing mineral rights, mining concessions and large-scale mining operations, while creating more opportunities for Ghanaian businesses and investors to participate in the sector.
Mining Sector Reform in Ghana
The review is expected to strengthen mining regulation, natural resource management, local participation and government oversight within Ghana’s mining industry.
The planned changes come as the government seeks to improve the management of the country’s mineral resources and ensure that mining contributes more significantly to economic growth, job creation, domestic investment and national development.
Source: newsthemegh.com