Deloitte Partner urges clear, consistent policies to govern mining license renewals, local content
Gideon Ayi-Owoo, West Africa Deputy Lead for Energy Resources and Industry at Deloitte, called for a clear policy guideline to drive local participation and licence renewals in Ghana's extractive sector at the Joy Business Roundtable Discussion. He said, "We need clear guidelines under what conditions government will renew guidelines or not renew any mining licences. Uncertainty could affect investment in the future."
Mr. Ayi-Owoo noted that policy uncertainty could threaten future investments and state revenues. He also stated that a lack of predictability could force mid-level mining companies to change their strategy, focusing only on high-margin, easily accessible gold deposits whilst abandoning more complex explorations. According to him, a defensive approach could leave vast mineral wealth untapped, ultimately reducing state revenues in the medium to long term. He is also a Tax Partner at Deloitte.
Mr. Ayi-Owoo called for a stronger policy approach to drive industrialisation in Ghana's extractive sector. He explained that the mandatory inclusion of industrial development in mining agreements will be crucial to transforming mere extractive exploration into impactful industrial expansions across the mining sector. He said, "Mining contracts should go beyond extraction and revenue generation to include clear commitments that promote local industrial growth and value creation."
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Deloitte's Gideon Ayi-Owoo has urged Ghana to establish clear, consistent policies for mining license renewals and local content. Policy uncertainty could threaten future investments and state revenues - but how?
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