It's time to take advantage of rich mineral deposits

It's time to take advantage of rich mineral deposits

Mining has been going on in Ghana for over a century but unfortunately there is little to show for the blessing that nature has bestowed on the country.

We have let ourselves be exploited for decades by offering tantalizing incentives to foreign mining companies so that they exploit our lands as if they were doing us a favor.

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Unfortunately, although we have practically offered free large tracts of land for exploitation, we have received virtually nothing, because the mined minerals were transported abroad for refining, while a large part of the profits generated by multi-billion dollar companies has been repatriated to the country of origin of the mining companies.

It is therefore refreshing news that Ghana, the second largest gold producer in Africa, has taken steps to rectify the harm we have committed ourselves, even if it happens very late.

We can only agree with Nana Addo Dankwa President Akufo-Addo on the fact that it's not fair that Africa, which is rich in sought-after minerals by the world, remains inhabited by the poorest people in the world.

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It is a tragedy, as he said yesterday in the 2019 edition of Investing in African Mining Indaba in Cape Town, South Africa, that "Africa has enriched the world with our minerals; our gems adorn wreaths and houses all over the world, but we stayed poor while our lands were destroyed. "

The minerals are finished and if we decided to exploit them, it goes without saying that we must not only mine in a responsible and sustainable way, but also make sure that resources are optimized.

Indeed, as stated by President Akufo-Addo, African countries have not been successful in negotiating with mining companies that have been exploiting the continent's mineral resources in the past.

The call to the continent not to give unusual tax and royalty incentives because Africa had become a major could not have come at a better time.

That makes no sense, and it is ironic that our mining communities where so much wealth has been mined and sent abroad are so impoverished and so dead because of some archaic and unjust clauses in the agreements signed between the governments. and mining companies.

Stability clauses in agreements, for example, place mining companies in an advantageous position, while countries where minerals are mined pay the heavy price of receiving nothing as minerals are mined. The worst is that companies are not forced to develop communities.

In the name of corporate social responsibility and pitiful royalty, companies claim to give back to society when, in reality, communities are stolen in broad daylight.

The Daily Graphic believes that if, in the past, Africa behaved in a naive way, we must be wise and demand what we really deserve. This should be a win-win affair and the negotiations must be fair.

The mining industry can contribute to the economic transformation of the continent and prosper Africans if our leaders reach agreements with the concerned citizens.

Mining is capital-intensive, but we need to develop the industry by building refineries and putting in place other structures that will avoid the current total dependence on mining. foreign mining companies.