Ghana needs to establish a Mineral Revenue Fund to provide an endowment to support development for future generations and to sustain public expenditure capacity when mining reserves have been depleted.
Dr Toni Aubynn, Chief Executive Officer of the Ghana Chamber of Mines, who made the recommendation, stressed that the mining sector needed the Fund to shore up mining reserves during periods of unanticipated revenue shortfalls and when resources were depleted.
He was speaking at the Ghana Chamber of Mines’ Third Mining for Development Forum organised in Accra.
Dr Aubynn said the Mineral Revenue Fund should work like the Ghana Petroleum Fund which consists of the Ghana Heritage Fund and the Ghana Stabilization Fund established in the oil and gas industry to support development for future generations when petroleum reserves have been depleted and to cushion the impact on or sustain public expenditure capacity during periods of unanticipated petroleum revenue shortfalls.
Other recommendations made by Dr Aubynn include: the establishment of a tax credit scheme for the mining sector, an open and regular strategic dialogue with players in the mining industry and measures to expand the economic “pie” through incentives rather than increased taxation.