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Relevance to Ghana`s economy PDF Print E-mail

Mining is a major sector of Ghana’s economy with the minerals sector accounting for about 11% of fiscal receipts, about 40% of total foreign exchange earnings and 6% of GDP.

The initiative is very relevant to Ghana as it pursues a policy of openness which promotes the concept of tolerance and good governance. Thus, even before Mr. Tony Blair’s initiative in 2002, the government of Ghana was already working to ensure that part of the royalties paid by mining companies operating in the country are used by the beneficiary local communities for development purposes through the District Assemblies and the Chiefs as provided in the 1992 Constitution.  

The only difference is that whereas the disbursement was ongoing, public disclosures were not being carried out. With this, those benefiting could comfortably hide in their corridors and castigate both government and industry.

Government's strategy for the sector is based on the recognition that the development of solid minerals in a sustainable manner can not be achieved without a deep involvement of the affected communities.

In concrete terms, this strategy calls for the definition of effective ways and means to empower and engage mining communities in the development process and to promote responsible behavior and social investment on the part of mining companies and entrepreneurs in those areas where mines are developed and operated.

This means that mining communities will be enabled over time to deal directly with the problems they face and propose solutions to which public policy and private investments should accordingly respond.