The Minerals Income Investment Fund (MIIF) says Ghana loses over GH¢50 million annually in royalties from quarry due to the country’s over-concentration on gold resources.
The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng who said this at the opening of the 2022 Ghana Mining Week and Gold Expo in Takoradi said quarry should be giving Ghana around GH¢100 million royalties annually, but Ghana only realised just GH¢ 3.8milllion in 2020.
“92% of our royalties are coming from gold, so there is a leaning towards gold because that is where we have our most royalties. So, that is the problem. If you look at the quarry sector, it is in line with our economic and infrastructure development. So as far as you have infrastructure and economic development growing, there should be a corresponding increase in its royalties. We are supposed to have about, GH¢100million in royalties annually. In a worst-case scenario, we should have at least GH¢35 million to GH¢ 56 million but in 2020 we had only GH¢3.6 million which means there is a big problem with the quarries“, he said.
Expanding the scope of mineral resources that can bring more royalties to the state, the CEO of MIIF said if Ghana doesn’t take care, it will even start importing stones anytime soon.