GHANA’S NATURAL RESOURCES BELONG TO THE CITIZENS – ATO FORSON

Finance Minister Dr Cassiel Ato Forson has called for a system that will enable Ghana to benefit more from the economic rent generated from its natural resources, particularly gold and oil.

Speaking at Perseus Mining Ghana Limited, Dr Ato Forson said although shareholders of mining companies must benefit from their investments, the people of Ghana, as owners of the country’s natural resources, must also receive a fair share of the wealth generated.

He explained that this was the thinking behind the introduction of the sliding-scale royalty system, which takes into account the cost of production and the level of profits made by mining companies.

According to him, once mining companies have covered their costs and made reasonable profits, the state must also benefit from the additional returns generated from Ghana’s natural resources.

Dr Ato Forson described this as economic rent taxation, stressing that Ghana would not be the first country to adopt such a system.

He dismissed concerns that the introduction of the policy was aimed at driving investors away, saying the intention was to ensure that Ghanaians benefit from the country’s natural resources.

“All what government of Ghana was asking for was for the people of Ghana to benefit from its own resources,” he said.

By Agnes Kusi