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.

The Ministry of Energy has inaugurated a committee to oversee the allocation of oil blocks to local and international companies through proper evaluation and negotiation. The committee is made up of 23 members, drawn from the Ministry of energy, Ghana National Petroleum Corporation (GNPC), Environmental Protection Agency (EPA), Ghana Revenue Authority (GRA), Ministry of Finance, Attorney-General's Department, Petroleum Commission and the Ghana Maritime Authority.

 

The utilisation of mineral revenues received by the Ellembelle District Assembly of the Western Region has raised concerns among traditional leaders and citizens of the area. In particular, indications by the District Assembly that it had utilised the funds on road projects and the assembly's office complex did not go down well with some participants.

Ghanaians are becoming increasingly concerned about what they describe as wasteful spending of petroleum revenues, Public Agenda has uncovered. In a brief statement at a Western Regional dissemination workshop on the 2014 Ghana Extractive Industries Transparency Initiative (EITI) reconciliation report, the Omanhene of Essikado traditional area, Nana Kobina Nketsia V, observed that it is the expectation of many natural resource host communities to feel the socio-economic benefits of resource extraction, however the consolidation approach to national economic accounting makes it difficult for host communities to be able to appreciate the direct contribution of the resources being exploited in their geographical jurisdictions to their local economic development.