MIIF, EOCO partner to expand payment of non-gold royalties

The Economic and Organised Crime Office (EOCO) has joined efforts to improve royalty payments and collections due the state from the mining sector in Ghana.

The EOCO is the newest member of a group of related agencies in the extractive and minerals sub sector led by the Minerals Income Investment Fund (MIIF), the statutory body that receives royalties on behalf of the state, manages the equity interest of the government in Ghanaian large-scale mining companies.

The Fund invests these dividends and royalties on behalf of the people of Ghana.

The Inter Agency collaboration is borne out of a framework to enhance the collection of royalties, expand the royalties net and streamline communication on royalties’ payments, especially from non-gold mining sectors such as salt, sand, limestone, granite, and quarrying.

The collaboration, which was initiated by MIIF in December 2021, has improved efficiency in collections of non-gold royalties through collaborative efforts of the Ghana Revenue Authority (GRA), which is responsible for the collection of royalties on behalf of MIIF, the Ghana Standards Authority (GSA), which assesses standards and accurate production measurements of minerals, and the Minerals Commission (MINCOM), the regulator of the mining sector.

The Inter-Agency committee comprises officials from the Minerals Commission, Ghana Standards Authority (GSA), Environmental Protection Agency (EPA) and the Ghana Revenue Authority (GRA).

The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, welcomed the inclusion of EOCO to the Inter-Agency, saying the inclusion of EOCO adds a new dimension to this all-importantinitiative, and their expertise and infrastructure will be leveraged to help identify and collect royalties from these mineral types”.

“Payments of Royalties from quarries since we started this Inter-Agency Collaboration in December 2021 have gone up by over100%.  For the first time in Ghana’s history, sand winners who had never paid royalties to the State are now making good their commitments and paying royalties. The Salt and Limestone sectors are performing above 200% on pre-November 2021 figures. We could end the year at circa GH¢30 million, which was lost to the state previously,”said Mr Koranteng.

The Executive Director of EOCO, Commissioner of Police (C.O.P)Maame Yaa Tiwaa Addo-Danquah, stated that “EOCO has a mandate to investigate crimes and prevent the occurrence of same. To be able to do this, we need to better understand the mining sector to enable a full deployment of our resources, collect and package evidence professionally, and to protect data collected. This is what we bring to the Inter-Agency Framework”. We are excited to be part of an all-government institution collaboration,” COPMaameYaaTiwaaAddo-Danquah said.

The MIIF is a sovereign minerals fund mandated by the Minerals Income Investment Fund Act 2018, (Act 978) as amended to maximise the value of dividends and royalties’ income accruing to the Republic of Ghana in a beneficial, accountable and sustainable manner, and to monetise Ghana’s mineral wealth in a manner which would bring long-term value to Ghana. MIIF currently owns shares in Ashanti Gold Corporation, a Canadian and Frank furt traded company with all its mining assets in Ghana. The Fund is also set to invest in high priority minerals such as lithium and salt.

By Times Reporter

Show More
Back to top button