• Tuesday , 5 July 2022
  • What did Ghana learn from the gold mining industry to ensure that oil and gas truly become a blessing to this Country?

What did Ghana learn from the gold mining industry to ensure that oil and gas truly become a blessing to this Country?

Speaking to the Executive Director of the Human Rights and Environmental mining advocacy organization WACAM in this interview with David Ampofo first broadcast in 2009, Daniel Owusu-Koranteng talks about the difficulties Ghana has encountered in gold mining and the lessons we can take from this experience to oil and gas.

“Initially there were high expectations,” he said. “The farmers thought that mining would bring about development”. However, Owusu-Koranteng explains that government contradicted themselves by acting as both promoters and regulators of mining. “At the end of the day, the question is, have we been able to alleviate poverty and the answer is that we have not”.

He contends that, “The extent of livelihood lost and the generation of employment by mining companies is in deficit”.

“Mining Companies have capital allowance of 75% and investment allowance of 5% so in the first year they can write of 80% of their investment and 50% in subsequent years and this ensures that we don’t make much income tax from them”.

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