Ghana is blessed, this is an incontrovertible fact. Indeed, there may not be any other nation as blessed as Ghana, in view of all the resources it is endowed with.
The land is rich in gold, diamond, bauxite etc, and the recent discovery and exploitation of oil has placed it in another league.
With all these resources, however, the nation is still struggling to develop.
This is because it has failed to assume ownership and control of its resources, and tap the numerous benefits it could derive from them.
The nation has ceded control of its mineral resources to foreign multi-national companies, and, therefore, does not enjoy the benefits.
The foreign companies mine the resources and take them out of the country, and all the country gets is the revenue accruing from tax. It does not even have a say in the pricing of these minerals taken abroad.
The successive governments have failed to formulate appropriate policies to ensure that the nation derives maximum benefits from its resources for accelerated economic development.
This is why The Times backs the call by the Chief Executive Officer of the Ghana Chamber of Mines on the government to stop focusing on tax, royalties and corporate revenues from mining, and rather seek other ways of garnering more revenue from the sector.
As the Chief Executive, Sulemana Koney, noted in the report in yesterday’s issue of The Times, the country is not optimising the benefits of mining due to the lack of long-term policies and vision for the sector.
We should be introducing measures which would make us masters of our own resources.
Nations such as South Africa have attained an appreciable level of development because they have greatly benefitted from the exploitation of their natural resources, through the introduction pragmatic policies to harness the potentials of the sector.
The Times suggests the authorities should learn from the other nations and endeavour to introduce policies and measures, which would enable the nation to maximise its revenue from the extractive industry.