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The government has been urged to enforce stringent local content regulations governing the extractive industry to ensure that foreign investors give preferential treatment to indigenous people in their activities.
Mr Fitsum Weldegiorgis, Senior Researcher for Sustainable Market Creation at the International Institute for Environment and Development (UK), said rich natural resource countries should give political guidance for guarantee currency retention in the local economy to stimulate growth.
He called for partnerships and joint ventures between local businesses and their foreign counterparts to strengthen their technical know-how and financial capabilities to develop the local economy.
Mr. Weldegiorgis, also an economist at the University of Queensland, Australia, made these recommendations at a public forum organized in Accra, organized by the Accra Mining Network.
The theme was "Giving priority to Ghana's natural resource linkages with the local economy".
Some economic links, which Mr. Weldegiorgis used to explain how the local economy could benefit foreign investors, are marginal, consumption and investment.
He called for the value added of the country's raw minerals locally, so that finished products enjoy a better price in international markets.
He was convinced that if raw mineral resources were processed in the country, they would improve the local economy and create more jobs for young people.
However, Mr. Weldegiorgis said, the mineral refineries to be created should be able to be continuously supplied with raw materials to enable management to pay staff and maintain production.
He explained that over the years, multinational mining companies have failed to meet the expectations of the government and mining-related communities regarding the sharing of benefits from mining, which have often triggered Conflicts.
Mr. Weldegiorgis proposed the creation of a special fund to support the training of the local population, while conscientious efforts must be made to build indigenous capacity in technology transfer to ensure a smooth recovery and in the future.
Ms. Georgette Sakyi-Addo, Chair of the Accra Mining Network, said the forum had raised awareness of the value chain's opportunities in the extractive sector.
Mr Raymond Kudzawu-D 'Pherd, secretary general of the network, said that the lack of basic social infrastructure in mining communities could be attributed to the payment of royalties and taxes on companies in the Consolidated Fund, which made it difficult for mining communities. get their fair share of development.
In addition, the government lacked technical negotiators to properly negotiate with multinational mining companies, thus preventing indigenous communities from being turned into conflicts.
Source: GNA
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