Renowned economist, Dr Tony Oteng-Gyasi, has said that Ghana makes close to nothing from its mineral resources.
He described dividends made by the country from its mineral resources as pittance.
According to him, although the state, by law, has ten per cent free shareholding in every mine in the country, some mining companies consistently and regularly declare losses
Read full articleand no profits, so dividends from the shares, compared to minerals mined is simply a pittance.
“Our laws mandate 10% free shareholding by the State in every mine, but some mines declare losses or no profit, so dividends from the shareholding are a pittance, compared to the value of minerals being mined,” Dr Tony Oteng-Gyasi said while delivering a speech at the UG-2023 Alumni Lecture.
Dr Oteng-Gyasi explained further that the ten per cent free shareholding in mining companies have over the years proven insignificant and unbeneficial to the state.
He said, “It is known and the published view of the Ghana Extractive Industry Transparency Initiative, that I quote, ‘the 10% carried interest have yielded insignificant returns over the years.’”
He expressed his disappointment in Ghanaian representatives on the managing boards of mining companies that allow these financial manipulations to go unchecked, to the detriment of the state.
Dr Oteng-Gyasi explained, “It is sad but true that these mining companies have Ghanaian board representation on behalf of the state. The board members must have seen this financial manipulation that robbed this nation of his mineral wealth but they did nothing and said nothing and such situations should not be allowed to take place.”
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Renowned economist, Dr Tony Oteng-Gyasi
