{"id":8098,"date":"2018-06-02T18:35:27","date_gmt":"2018-06-02T17:35:27","guid":{"rendered":"http:\/\/kumasionlinegh.com\/?p=8098"},"modified":"2018-06-02T18:35:27","modified_gmt":"2018-06-02T17:35:27","slug":"2-57bn-of-mining-firms-revenue-retained-in-ghana-report","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=8098","title":{"rendered":"$2.57bn of mining firms\u2019 revenue retained in Ghana \u2013 Report"},"content":{"rendered":"

\"\"<\/p>\n

Mining companies pumped about 70 percent of their revenue back into the country in 2017.<\/p>\n

Producing member companies of the Chamber of Mines returned US$ 2.57 billion of their US$ 3.68 billion mineral revenue.<\/p>\n

\u201cThe plough back of mineral export receipts and expenditure of the same in-country are critical pathways by which mining influences the growth of the non-mineral economy and national development,\u201d the report notes.<\/p>\n

Typically, the mineral revenue is brought back into the country through the commercial and central banks.<\/p>\n

The Chamber\u2019s member companies spent\u00a0US$ 1.23 billion on goods and services procured from in-country suppliers and manufacturers in 2017.<\/p>\n

This represents 34 percent of realised mineral revenue and an increment over the 31 percent from 2016.<\/p>\n

In-country suppliers may not necessarily refer to domestic companies or inputs though.<\/p>\n

Manufacturers or firms registered in Ghana which stock imported products fall into this bracket.<\/p>\n

Nonetheless, the Chamber said the proportion of the producing mines\u2019 expenditure of mineral revenue on imported consumables declined from 7 percent in 2016 to 6 percent in 2017.<\/p>\n

The 2017 share of expenditure translates into US$ 215.6 million in nominal terms.<\/p>\n

\u201cIn the last few years, the companies\u2019 pattern of expenditure consistently show year-on-year increases in demand for locally sourced inputs and steady decline in spending on imported consumables,\u201d the report noted.<\/p>\n

The Chamber added that \u201cthis mirrors the mining industry\u2019s efforts to substitute imported inputs used in the production process with comparable ones from the local economy.\u201d<\/p>\n

Can they do better?<\/strong><\/p>\n

This past week, President Nana Akufo-Addo was\u00a0stressing the need<\/a><\/strong>\u00a0for mining companies operating in Ghana to begin producing locally many of the inputs they import.<\/p>\n

This was in addition to a lament on the poverty of most of Ghana\u2019s mining communities.<\/p>\n

\"\"
President Nana Akufo-Addo<\/figcaption><\/figure>\n

According to him, the massive spending by mining companies leaks from the domestic economy through the importation of several tools and equipment, which Ghana can produce.<\/p>\n

\u201cIt is time to reverse this trend. Ghanaian entrepreneurs must be encouraged to work with the Ministry of Trade and Industry and the Chamber to identify opportunities in the value chain, where indigenous companies can manufacture these products locally\u201d<\/p><\/blockquote>\n

The World Bank has noted increased local procurement by mining companies as a conduit of improved economic growth.<\/p>\n

Its 2012 study,\u00a0\u201cIncreasing Local Procurement by the Mining Industry in West Africa\u201d, says mining companies can boost economic growth in West Africa by purchasing more equipment, supplies and services from local companies.<\/p>\n

It showed that raising the share of local procurement by mining companies would spread the benefits of mining more evenly across a country\u2019s economy, creating jobs and stimulating the sustainable development of local enterprises.<\/p>\n

\u2013<\/p>\n

Source: Citinewsroom.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

Mining companies pumped about 70 percent of their revenue back into the country in 2017. Producing member companies of the Chamber of Mines returned US$ 2.57 billion of their US$ 3.68 billion mineral revenue. \u201cThe plough back of mineral export receipts and expenditure of the same in-country are critical pathways by which mining influences the […]<\/p>\n","protected":false},"author":2,"featured_media":8099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-8098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n$2.57bn of mining firms\u2019 revenue retained in Ghana \u2013 Report - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=8098\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$2.57bn of mining firms\u2019 revenue retained in Ghana \u2013 Report - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"Mining companies pumped about 70 percent of their revenue back into the country in 2017. 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