Gabon President Brice Clotaire Oligui Nguema has commended Ghana's ongoing mining sector reforms during a state visit to the country. The Gabonese leader praised Ghana's efforts to improve transparency, strengthen governance, and increase value addition to the country's natural resources.
Gabonese Leader Lauds Ghana's Mining Reforms
Speaking during the second day of his state visit to Ghana, President Nguema said the reforms position Ghana as an example for other African countries seeking to derive greater economic benefits from their mineral resources. He congratulated Ghana on the reform, which seeks to bring transparency, improve governance, and improve value addition to national resources.
"I congratulate you on the reform in the mining sector, which seeks to bring transparency, improve governance, and improve value addition to national resources," President Nguema said. The Gabonese leader's remarks come as Ghana advances major reforms to its mining laws, including proposals to cap the maximum duration of mining leases at 20 years.
Local Processing of Natural Resources Key to Economic Growth
President Nguema also highlighted the importance of local processing of natural resources, noting that both Ghana and Gabon are pursuing policies aimed at moving beyond the export of raw materials. He cited Ghana's efforts in cocoa processing and Gabon's plans to locally transform manganese as examples of the potential for increased value addition.
"Ghana is into cocoa processing, as we are also doing in Gabon, and we are also looking to locally transform our manganese," President Nguema stated. He emphasized that increasing local value addition would help African countries generate more wealth, create jobs, and accelerate industrialization.
Ghana's Reforms Set to Strengthen Regulation and Improve Governance
The proposed legislation, which was recently approved by the cabinet, also seeks to replace the current reconnaissance and prospecting licences with a single Exploration Licence valid for a maximum of five years. This move is part of broader efforts to strengthen regulation and improve governance in the extractive sector.
President Nguema's comments formed part of bilateral engagements between him and President John Dramani Mahama during the Gabonese leader's official visit, which is focused on deepening cooperation in trade, investment, natural resource management, and regional development. The visit aims to strengthen ties between the two countries and explore new areas of cooperation.
What's Next for Ghana's Mining Reforms?
The implementation of Ghana's mining reforms will be closely watched by other African countries seeking to derive greater economic benefits from their mineral resources. As Ghana advances its efforts to strengthen regulation and improve governance in the extractive sector, it is likely to serve as a model for other countries in the region.
President Nguema's endorsement of Ghana's mining reforms is a significant development, as it highlights the importance of value addition and local processing of natural resources in driving economic growth and industrialization. As Ghana continues to advance its reforms, it is essential to monitor progress and address any challenges that may arise in the implementation of these reforms.
Source: Joy Online
