Ghana Chamber of Mines president calls for passage of Minerals Revenue Management Act
The President of the Ghana Chamber of Mines, Mr. Michael Edem Akafia, has renewed calls for the swift passage of a Minerals Revenue Management Act, arguing that such legislation is critical to promoting transparency, accountability, and the sustainable management of Ghana’s mineral resources.
Mr. Akafia made the call at the 11th Ghana Mining Industry Awards (GMIA), which took place last Friday at the Mövenpick Hotel in Accra.
Speaking to an audience made up of policymakers, diplomats, mining industry leaders, and other stakeholders, he noted that Ghana needed a clearly defined framework for managing mineral revenues, similar to the system currently in place for petroleum income.
He explained that introducing such a law would enhance public trust in how mining revenues are managed and ensure lasting benefits for both current and future generations.
“A Minerals Revenue Management Act will deepen transparency, improve accountability and ensure that mineral revenues are used more efficiently and equitably,” he stressed.
“It is essential for intergenerational equity, saving and investing today’s revenue for future needs and the rainy day.”
Meanwhile, the Chief Executive Officer of the Chamber, Ing. Dr. Kenneth Ashigbey, praised government for removing VAT on exploration activities in the 2026 Budget, describing the move as a significant boost for investment and mineral exploration. He said the decision would help position Ghana as a competitive and attractive destination for mining.
Despite these gains, both officials emphasised the importance of maintaining policy stability, particularly as the Minerals and Mining Act is currently under review.
Mr. Akafia cautioned that although policy changes may be well intentioned, frequent adjustments create uncertainty for investors in the highly capital-intensive mining industry.
He further advised government to exercise restraint in implementing the proposed sliding-scale royalty regime, warning that excessively high rates could negatively affect sector growth.
Illegal mining also featured prominently in discussions at the event. Mr. Akafia criticised recent attacks on state institutions, security personnel, and regulatory bodies engaged in anti-galamsey operations, describing such actions as unacceptable and a threat to Ghana’s environmental and economic future.
He maintained that illegal mining goes beyond environmental degradation, describing it as “a governance, social and national security problem”, and called for firm, adequately resourced enforcement measures.
