Ghana Chamber of Mines commends stakeholder engagements on Ewoyaa Lithium mining project

In a press statement released on December 18, 2023, the Ghana Chamber of Mines expressed its keen interest in the ongoing national discussions surrounding the mining lease for the Ewoyaa project. The Chamber commended the collaborative efforts among government entities, civil society, media, and the wider public, emphasizing the importance of constructive discourse and transparency in the development of the nation’s mining sector.

Applauding the Ministry of Lands and Natural Resources and Minerals Commission for their commitment to inclusive development, the Chamber highlighted the positive contributions of the civil society community in seeking a fair distribution of benefits associated with the Ewoyaa project’s lithium resources.

Addressing perceived misconceptions about the mining sector, the Chamber refuted claims of shortchanging the country in terms of mineral rent distribution. Citing studies, notably one by the Natural Resource Governance Institute (NRGI), the Chamber asserted that the government’s share of mining rents exceeds 50%, aligning with the recommended 40% to 60% profit-sharing ratio by the International Monetary Fund (IMF) for mining countries.

Acknowledging challenges in the existing fiscal arrangement, where mining sector inflows are commingled with other taxes, the Chamber proposed a restructuring akin to practices in the oil and gas sector. This, they argue, would enhance visibility and accountability, ensuring that the developmental impact of the mining sector is more transparently conveyed.

Moreover, the Chamber advocated for the prompt plough-back of a portion of mineral revenue to host communities, aligning with its ongoing support for voluntary corporate social investment initiatives by member companies. This strategic approach, they contend, will contribute significantly to socio-economic development.

In conclusion, the Ghana Chamber of Mines reaffirmed its unwavering commitment to collaborative efforts with stakeholders, emphasizing the imperative for responsible mineral development that mutually benefits the host country and investors.

The statement underscored the Chamber’s dedication to leveraging mineral endowments for inclusive and sustainable development, echoing a broader narrative in line with global best practices.