“Foreign miners denying Ghana earnings from gold”

Anglogold Asganti, Ghana

Anglogold Asganti, Ghana

from RUSSELL ADADEVOH in Accra, Ghana
ACCRA, (CAJ News) – A local mining executive has urged Ghana to reserve small-scale gold mining business to local nationals in order to boost export revenues.

Managing Director of Precious Minerals Marketing Company Limited, George Abradu-Otoo, said currently, foreigners who always flooded the local gold mining sector always repatriated their earnings abroad and starved the coutry of revenue.

He said locals were banking their profits internally thus contributing to the economy.

“The foreigners in the small-scale gold mining industry often mine the gold, sell it abroad and keep the proceeds in their foreign accounts,” Abradu-Otoo said.

“Ghanaians will not do that; at least they will leave far more in the country than a foreigner will do,” Abradu-Otoo added.

Ghana’s small gold mining industry rakes an annual income of close to $2 billion with the huge chunk being in the hands of foreigners allegedly invading the local industry.

This follows perceived views that foreign nationals, who are into gold mining in Ghana did not have the country at heart as they always banked their profits abroad without initiating meaningful development locally.

– CAJ News

Short URL: http://cajnewsafrica.com/?p=4224

Posted by on Feb 19 2015. Filed under Featured, Finance, Finance & Banking, Mining, Mining & Engineering. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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