Former Chief Justice and Fellow of the Institute of Economic Affairs (IEA), Justice Sophia Akuffo, has called on the government to urgently review all contracts related to Ghana's natural resources to ensure the country benefits fully from their exploitation.
Speaking at a press briefing in Accra, she cited examples from other African nations, highlighting how their taxation and equity participation frameworks maximize revenue from natural resources. "For example, in Angola, the Petroleum Income Tax is carried out under a Production Sharing Agreement and taxable income at the rate of 50 percent. "Operations carried out under other contracts, such as consortium agreements, are subject to taxable income at a rate of 65.75 percent," she stated.
She also referenced Eritrea's mining policies, saying, "Similarly, Eritrea, under Article 41 of its Mining Law Proclamation, allowed the government an equity participation of not exceeding a total of 40 percent, including a participation interest of 10 percent of any mining investment." Justice Akuffo stressed the importance of implementing proper frameworks to regulate the exploitation of Ghana's natural resources, emphasizing that "Over 10 trillion dollars could be realized from natural resources if there are the right frameworks… if you are not ready, leave it in the ground until there is the right expertise and capital." Share this:Click to share on Facebook (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window) Related Topics:Feature Advertisement You may like Amewu released after arrest over Sky Train scandal Kwesi Pratt's push for ambassadorial appointment is hypocrisy - Ras Mubarak Ras Mubarak blows alarm over Kwesi Pratt's sponsored trip to Namibia Gold smugglers to face tougher crackdown under new GoldBod bill - Sammy Gyamfi Adu-Boahen deserves fair trial - Lawyer speaks out You can't be Ghanaian and oppose loot recovery - KSM fires Gov't to probe GHC 1.5 billion cedi demurrage on stuck ECG containers Full list: Mahama nominates DCEs for key districts Presby Boys, Hope College, and Kade SHS alums shine in West African Excellence awards Click to comment Leave a Reply Cancel replyYour email address will not be published.
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