Ghana is poised to become the world's fastest growing economy. It is projected to register a growth between 8.3 and 8.9 per cent in 2018. With Ghana registering a continual growth, it is also becoming a potential destination for investors from world over. The Ghanaian president has pledged to channelize the revenue generated through oil and mineral resources for investments in quality education, agriculture, and manufacturing. In the last two years, Ghana started oil production in two of its major oil fields giving impetus to its on-going economic boom.
Ghana is one of the largest producers of gold in Africa, with an output of 2.9 million ounces in 2015 (a 6.5 percent drop from the previous year). The country also produces commercial quantities of bauxite, iron ore and manganese. The country’s gold sector is split between large multinational mining companies (primarily from the United States, Canada, South Africa, Australia, and the U.K.) and small-scale mining performed by local companies. Significant market opportunities in the mining industry for U.S. exporters are primarily in the large-scale mines; indigenous mining operations tend to be relatively unsophisticated and rely primarily on inexpensive equipment from Chinese manufacturers. Opportunities in the mining equipment sector run the gamut from large earthmoving equipment to analytic and assaying devices and materials. As with other sectors, used or reconditioned equipment often is at a more appropriate price-point for Ghanaian buyers.
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Laws and Regulations
The principal laws that regulate the mining industry are the Minerals and Mining Act 2006 (Act 703) as amended by the Minerals and Mining (Amendment) Act 2015 (Act 900)(the Minerals and Mining Act), the Minerals Development Fund Act 2016 (Act 912) and the following regulations:
the Minerals and Mining (Compensation and Resettlements) Regulations 2012 (LI 2175); o the Minerals and Mining (Support Services) Regulations 2012 (LI 2174); The Minerals and Mining (General) Regulations 2012 (LI 2173); the Minerals and Mining (Health, Safety and Technical) Regulations 2012 (LI 2182); the Minerals and Mining (Explosives) Regulations 2012 (LI 2177); and the Minerals and Mining (Licensing) Regulations 2012 (LI 276). These regulations (the Minerals and Mining Regulations), replaced the Mining Regulations 1970 (LI 665).
The principal regulatory body that administers these laws is the Minerals Commission. The Minerals and Mining Act aims to: o develop a national policy on mining and consolidate the disparate laws on mining that existed at the time; and to increase investment by foreign mining companies in Ghana by removing the uncertainty concerning the availability and conditionality of mining rights and the bureaucratic gridlock that provided opportunities for corruption.
Mining legislation is applied equally to Ghanaians and foreign investors, except for provisions relating to small-scale mining of minerals, which is exclusively reserved for Ghanaians. The Minerals and Mining Regulations (Health, Safety and Technical) establish environmental, safety, machinery and related guidelines for mining operations.
The Minerals Commission was established under the Minerals Commission Act 1993 (Act 450) for the “regulation and management of the utilisation of the mineral resources [of Ghana] and the coordination of the policies in relation to them”. The Minerals Commission is empowered by section 100 of the Minerals and Mining Act to, under the direction of the Minister of Lands and Natural Resources, supervise the proper and effective implementation of the Minerals and Mining Act and Regulations. The Minerals Commission is required by law to formulate recommendations on mineral policy, monitor the implementation of these policies, assess “stability agreements” and report to Parliament, as well as to collect data on national mineral resources.
Almost 90% of Ghana's Children are now in school. Ghana Spends proportionally more on education than the UK. Two-thirds of Ghana’s 26 million people are farmers, and the west African country is a leader in the priority it has given education since the UN made universal primary schooling one of eight Millennium development goals 15 years ago. Ghana spends 8% of its GDP on Education, more than the UN’s 6% benchmark and more than the UK’s 6.5%. Almost 90% of Ghanaian children are in school – compared with 64% in Nigeria and 72% in Pakistan.