Economist Sampson Anomah has challenged the notion that Ghana has realized significant economic gains from its gold production, despite the country’s prominent position as a major producer.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5 FM, Mr. Anomah argued that the persistent lack of substantial local economic impact over the years stems from the dominance of foreign entities in the mining sector.
He contended that Ghana’s high gold output should have been reflected in corresponding economic benefits, a correlation that has largely failed to materialize.
His comments were made in response to the latest report from the World Gold Council, which designated Ghana as Africa’s top gold producer and the sixth largest globally.
Mr. Anomah acknowledged that the establishment of the Ghana Gold Board has provided greater clarity on the nation’s total gold exports, giving the public a clearer picture of the revenues involved. However, he expressed significant concern regarding the Board’s operational transparency.
He specifically pointed to a recent instance where the Board was initially credited with stabilizing the cedi, only for it to later emerge that the stabilization effort was primarily driven by the Bank of Ghana pumping in resources.
”The Gold Board must be transparent to the people in order for us to know their sources of income, spending, and other related financial activities,” he stressed. “We need to know exactly the benefits of the Gold Board. Their operations lack transparency.”
The chartered accountant further emphasized the need for clear accountability, stating: “We are mining gold with the Gold Board being the only body to purchase. We need to know the quantity of gold they buy which are properly mined.”
Mr. Anomah also noted that even communities hosting licensed, large-scale gold mining operations remain deprived and lacking basic amenities, underscoring a fundamental failure of the current structure.
He called for a comprehensive review of the mining sector, urging the government to move beyond merely purchasing gold and become a key, active participant in the mining process itself.
He ended by advocating for a change in policy: “The government of Ghana must review the mining laws and introduce new regulations that can make it not just a purchaser of gold but be involved in the gold mining. Government must be in the field, establish mining companies and employ people to work for it. If individuals can go into gold mining, then what stops the government from doing the same?”
By: Rainbowradioonline.com/Ghana