Ghana's Cabinet has approved amendments to the country's mining law for presentation to parliament, aimed at strengthening oversight of the key revenue-generating sector and curbing illegal mining, announced Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah, as reported by Reuters.
According to the minister, the government introduced a sliding scale gold royalty rate linked to prices this year and outlined plans to phase out fiscal stability agreements.
The 2006 Minerals and Mining Act required an update to ensure a current and consistent legal framework, Buah stated.
"This measure is aimed at developing the domestic mining industry by increasing local content, enhancing in-country value addition, improving linkages with the manufacturing sector, taking decisive action against illegal mining, and protecting the environment," the minister said.
The bill also proposes the creation of regional mining committees. Licenses for exploration and prospecting will be replaced by a single five-year exploration license, renewable subject to review of the initial two-year work program.
"If you don't act within five years, we will take it back from you," Buah said, adding that the measure targets speculators who hold licenses without investing in exploration.
Mining licenses will remain limited to 20 years, but companies will now be required to sign separate community development agreements directly with host communities, rather than being unilaterally imposed by the mining company, he added.
Ghana is one of the most mineral-rich countries in West Africa. Its mineral resource base is dominated by gold, manganese, bauxite, and diamonds, as well as oil and natural gas deposits.
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