• About
  • Advertise
  • Privacy & Policy
  • Contact
Newstitbits
Advertisement
  • HOME
  • NEWS

    Jirapa Dubai CEO murder: Police accused of framing suspect as they struggle to prove key access

    Cardinal Peter Appiah Turkson

    Every Ghanaian must contribute to nation-building – Cardinal Turkson

    From despair to hope: How Seidu Agongo kindness transformed a storm-ravaged school

    From despair to hope: How Seidu Agongo kindness transformed a storm-ravaged school

    Eric Johnson

    “I’ve never slaughtered even a fowl” — Accused cries out, declares innocence in Jirapa Dubai CEO murder

    Elliot Fertik, the Consul General at the US Embassy in Ghana

    US visa tips: 10 key insights revealed by the US Consul General

    Establishment of Du Bois Memorial Centre was a visionary move by Rawlings – Yaa Asantewaa

    Establishment of Du Bois Memorial Centre was a visionary move by Rawlings – Yaa Asantewaa

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • POLITICS
  • SHOWBIZ
  • SPORTS
  • BUSINESS
  • ELECTIONS
  • RELIGION
  • EDUCATION
  • WORLD
  • MORE
    • QUIRKY NEWS
    • LIFESTYLE
    • MEDIA
      • PHOTOS
      • VIDEOS
    • TECH
No Result
View All Result
  • HOME
  • NEWS

    Jirapa Dubai CEO murder: Police accused of framing suspect as they struggle to prove key access

    Cardinal Peter Appiah Turkson

    Every Ghanaian must contribute to nation-building – Cardinal Turkson

    From despair to hope: How Seidu Agongo kindness transformed a storm-ravaged school

    From despair to hope: How Seidu Agongo kindness transformed a storm-ravaged school

    Eric Johnson

    “I’ve never slaughtered even a fowl” — Accused cries out, declares innocence in Jirapa Dubai CEO murder

    Elliot Fertik, the Consul General at the US Embassy in Ghana

    US visa tips: 10 key insights revealed by the US Consul General

    Establishment of Du Bois Memorial Centre was a visionary move by Rawlings – Yaa Asantewaa

    Establishment of Du Bois Memorial Centre was a visionary move by Rawlings – Yaa Asantewaa

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • POLITICS
  • SHOWBIZ
  • SPORTS
  • BUSINESS
  • ELECTIONS
  • RELIGION
  • EDUCATION
  • WORLD
  • MORE
    • QUIRKY NEWS
    • LIFESTYLE
    • MEDIA
      • PHOTOS
      • VIDEOS
    • TECH
No Result
View All Result
Newstitbits
No Result
View All Result

Bawumia analysed: Ghana’s 10% carried interest in mining companies is virtually useless

May 9, 2018
Reading Time: 3 mins read

The Government of Ghana’s ‘carried interest’ in mining operations, usually 10 percent, is “virtually useless” and has yielded zero dividends for government for years, depriving the people of Ghana of considerable amounts of domestic revenue, Vice President Dr Mahamudu Bawumia has disclosed. Vice President Bawumia made the disclosure at the launch of the IMF’s Regional Economic Outlook for sub-Saharan Africa in Accra on Tuesday 8th May, 2018. Citing the issue of Ghana’s ‘carried interest’ in the mining sector, the Vice President stated that “If you look at the existing natural resource regime, Ghana in the mining sector for example, has a carried interest of about 10% and out of this carried interest the expectation is that Ghana will receive dividends. “When we look at the data, however, we see a matrix of zeros as far as the dividends that Ghana earned from this carried interest. From 2012 it is largely populated by a matrix of zeros, so it means to a large extent, the carried interest in mining is virtually useless as far as Ghana is concerned because we are earning zero for it.” “We need to re-look at this whole regime. The zero earnings is because many of the mining companies say they are not making profits to pay dividends but they keep mining notwithstanding the fact that they are unprofitable! What is needed is a regional strategy to mineral resource development, from gold to bauxite to manganese and iron, in order to move up the global value chain for each of these minerals. “We therefore have to re-examine our natural resource control and governance strategy, our resource fiscal regime from exemptions to carried interest, and how to use our natural resources to build a better and prosperous economies.” Vice President Bawumia underscored that the old model of relying on revenue from the export of unprocessed natural resources was no longer fit for purpose, and the time had come to introduce a new one, designed to meet our development challenges. “The old paradigm of natural resource exploitation and exports of unprocessed agricultural products and raw minerals are no longer sufficient in order to grow our economies, create jobs and to meet social expectations in the provision of basic public amenities.” The launch was attended by a number of high profile dignitaries including Mr Abebe Aemro Selassie, Director, African Department of the IMF; Annalisa Fedelino, Mission Chief for Ghana; Natalia Koliandina, IMF Resident Representative for Ghana; Ghana’s Senior Minister Yaw Osafo-Maafo; Finance Minister Ken Ofori-Atta, as well as the First and Second Deputy Governors of the Bank of Ghana, Dr. Maxwell Opoku-Afari and Mrs Elsie Awadzi. Source: 3news.com | Ghana]]>

Previous Post

Iran deal ‘not dead’ despite US exit

Next Post

AUCC eulogizes outgoing president

Related Posts

IMF projects almost 5% growth rate for Ghana in 2025

IMF projects almost 5% growth rate for Ghana in 2025

We’re confident of govt’s assurance to check election year spending – IMF Mission Chief for Ghana

We’re confident of govt’s assurance to check election year spending – IMF Mission Chief for Ghana

Ghana secures Paris Club financing assurance for $3bn IMF bailout

Ghana’s economy on the recovery path but… – IMF says

Vote NPP out or continue to suffer – Mahama tells Ghanaians

Vote NPP out or continue to suffer – Mahama tells Ghanaians

Next Post

AUCC eulogizes outgoing president

Constitutional Instrument on creation of new regions amended

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Jirapa Dubai CEO murder: Police accused of framing suspect as they struggle to prove key access
  • Every Ghanaian must contribute to nation-building – Cardinal Turkson
  • From despair to hope: How Seidu Agongo kindness transformed a storm-ravaged school
  • IMF Executive Board approves $370m disbursement for Ghana
  • “I’ve never slaughtered even a fowl” — Accused cries out, declares innocence in Jirapa Dubai CEO murder
  • Opinion: Let the Truth Lead: Ohemaa Akosua Asantewaa and Kwaafo Royal Family Key to Resolving Kwahu Chieftaincy Crisis
  • MP for Akwatia Ernest Kumi is dead
  • 24-Hour Economy policy: Game-changer that needs flawless execution

Popular Stories

  • Eric Johnson

    “I’ve never slaughtered even a fowl” — Accused cries out, declares innocence in Jirapa Dubai CEO murder

    0 shares
    Share 0 Tweet 0
  • MP for Akwatia Ernest Kumi is dead

    0 shares
    Share 0 Tweet 0
  • Jirapa Dubai CEO murder: Police accused of framing suspect as they struggle to prove key access

    0 shares
    Share 0 Tweet 0
  • IMF Executive Board approves $370m disbursement for Ghana

    0 shares
    Share 0 Tweet 0
  • 24-Hour Economy policy: Game-changer that needs flawless execution

    0 shares
    Share 0 Tweet 0

ABOUT US

Newstitbits.com is a 21st Century journalism providing the needed independent, credible, fair and reliable alternative in comprehensive news delivering that promotes knowledge, political stability and economic prosperity.

Contact us: [email protected]

@2023 – Newstitbits.com. All Rights Reserved.

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • HOME
  • NEWS
  • POLITICS
  • SHOWBIZ
  • SPORTS
  • BUSINESS
  • ELECTIONS
  • RELIGION
  • EDUCATION
  • WORLD
  • MORE
    • QUIRKY NEWS
    • LIFESTYLE
    • MEDIA
      • PHOTOS
      • VIDEOS
    • TECH

@2024 - Newstitbits.com. All Rights Reserved.