ECONOMIC BENEFITS ASSOCIATED WITH MINERAL PRODUCTION IN GHANA
Keywords:
Corporate Social Responsibility, Economic Recovery Programme, Mining, Royalties, Corporate taxAbstract
Ghana is endowed with many natural resources which have contributed significantly to the nation’s economic development. In this study, the economic benefits of Gold, Diamond, Bauxite and Manganese in terms of production, revenue from export as well as contributions to government revenue in the form of taxes between the years 1990 to 2011 and their projections from 2012 to 2030 were analysed and compared. Data was collected from Ghana Chamber of Mines, Ghana Mineral Commission, Bank of Ghana, Environmental Protection Agency and other relevant institutions combined with secondary related materials. Statistica software was used for the data analysis where a liner regression models were developed to describe the trend of the various minerals economic benefits. The immense benefit that comes with mining will continue if the state improves on policies of less mined minerals and implement prudent economic policies. Effective monitoring of regulatory institutions linked with the sector for implementing environmental policies and adoption of international standards of mining would help to prevent negative pressure from anti mining institutions.
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