The Ghana Extractive Industries Transparency Initiative (GHEITI), has on Thursday, November 3, 2021 began its meeting to discuss, deliberate and examine achievements, policy impact, challenges and benefits of its policy implementation at New Abirem in the Birim North district in the Eastern Region. The meeting which is a three – day forum will end on Friday, November 5 with a radio overview discussion.
Present at the ceremony, State agency including the Ghana National Petroleum Corporation (GNPC) and the Minerals commission are erroneously in participation of the ongoing reports discussion.
Speaking at the meeting, the Co – chair of GHEITI, Dr. Steve Manteaw, stressed the importance and the need for this particular gathering. He revealed that, the EITI is intended to basically address issues of underdevelopment, conflicts, and deprivation in natural resources – dependent countries.
According to him, the Ghana process so far, was signed on the the GHEITI in 2003, following the first EITI Global conference in Lancaster.
As part of the key achievements, Ghana was first to apply EITI to mining, where its first also, disaggregated data and the first to take EITI to sub national level.
He noted that, Ghana has benefited from the policy and practice of the EITI introduction, which has enhanced stakeholders dialogue, exposed institutional weaknesses.
Others also included, revision of royalty rate, corporation income taxes, capital allowance recovery. Dr Manteaw stated that, the policy has also impacted positively and provided lessons for the oil and gas sector, management of price volatility and open contracts.
Dr. Manteaw contented that, the main objective and focus of the GHEITI is to ensure transparency, the coordination of various state agencies working hand in to insist that, the right policies and agreements are met.
According to him, achieving the EITI objectives are enhanced through transparency of the overview of policies listed below.
The EITI seeks to ensure that all parents are done properly to the central government, whiles receipts are issued out extensively to the extractive industries.
In addition, the EITI also seeks to ensure that, disbursements and utilisation are strictly adhered to. The EITI 2017 / 2018 report is basically centred on database collection and analysis of extractive companies operations as being beneficial to the country at large.
The benefits of payments reports are as classified as permits licensing, other fees and licensing, ground rent, dividends and mineral royalties.
Meanwhile, the Eastern Regional Minister, Hon. Seth Kwame Acheampong who represented on behalf of the President, Nana Addo Dankwa Akufo-Addo, admonished the state agencies mandated to regulate mineral resources in the country to ensure that the country is well benefited from its natural minerals.
