Ghana Extractive Industries Transparency Initiative (GHEITI) has called on the government to ensure that the Damang Gold Mine’s transition to state ownership in 2026 is anchored on local participation and rigorous governance.

GHEITI urges government to ring-fence oil revenues for Big Push infrastructure, warning that diversion and co-mingling of funds will undermine transparency, accountability, and the visible impact of petroleum-funded projects.

 

The Government of Ghana has secured a $3.5 billion investment to revitalize the country’s oil and gas sector, signing a Memorandum of Understanding (MoU) with the Jubilee/TEN and Offshore Cape Three Points (OCTP) partners.

The Multi-Stakeholder Group (MSG) of the Ghana Extractive Industries Transparency Initiative (GHEITI) has today, formally launched the country’s 2020 Mining and Oil/Gas EITI reports, published on December 31, 2022. The MSG is a tripartite body made up of Government, Industry and Civil Society, with the responsibility of steering the affairs of GHEITI.

Government has joined forces with OCP Group, a Moroccan company, to complete the front-end engineering design (FEED) for a US$1.3billion fertiliser complex at Takoradi, in a bid to diversify the economy and reduce reliance on oil and gas resources.

The deputy Minister of Lands and Natural Resources, George Mireku Duker, has lauded the significant progress of the natural resource governance framework in recent years, citing regulatory reforms – particularly institution of the Fiscal Responsibility Act and Minerals Income Investment Fund Act.

The total volume of gold produced declined from 4.577 million ounces in 2019 to 4.023 million ounces in 2020, representing a downturn of 12 percent, the 2022 Extractive Industries Transparency Initiative (EITI) Mining & Oil and Gas report has revealed.

The 2022 Extractive Industries Transparency Initiative (EITI) Mining & Oil and Gas report has revealed that the mining and quarrying sector’s share in Ghana’s Gross Domestic Product (GDP) reduced marginally from 7.8 percent in 2019 to 7.6 percent in 2020.

Kumasi, Sept. 23, GNA – The Ghana Extractive Industries Transparency Initiative (Ghana EITI) has said that the enormous role mining, oil and gas sectors play in the natural resource sector calls for more transparency. It also called for judicious management of revenues from these strategic areas, and reiterated the need for natural resource revenues to be publicly disclosed to promote transparency and accountability.