Mining Sector Reform In Ghana

Ghana was enormously encouraged by the World Bank in improving the mining sector in the country. The World bank had urged Ghana to bring about mining sector reform in Ghana by altering legislation pertaining to mining. By doing so, the country could increase foreign investment.
The mining sector reform in Ghana proved to be effective and consequently, foreign investment in the country gained prominence.

Country’s role in mining sector reform in Ghana:
The African mining code underwent changes seconded by the World Bank. As part of the mining sector reform in Ghana royalty rates as well as income taxes were decreased. Investment by the private sector was also facilitated as part of the mining sector reform in Ghana.
In the year 2006, World bank had assisted development of the mining sector in Ghana by approving approximately, USD75 million to Newmont Mining, which is regarded as the largest producer of gold. The site selected for the project was Ghana. The mining sector in Ghana was earlier treated as an informal sector of the economy. The operations pertaining to the mining sector were not regulated or monitored.
However, with the implementation of the ERP or the Economic Recovery Plan, which laid stress on planning was introduced in the 1980s.
The PNDC or the Provisional National Defense Council, took assistance from the International Monetary Fund as well as the World Bank to revitalize the economy, which was in a state of stagnation.

Mining sector in Ghana suffered badly. There was decrease in mining activities with regard to production of gold, bauxite, manganese as well as diamond. After encountering the upheavals, the government in Ghana decided to make the mining sector a formal one. By the effecting mining sector reform in Ghana, several changes were introduced pertaining to the methodologies and policies. The mining sector in Ghana also increased the rate of employment by engaging many workers in the different mines of the country.

More Information Related to Economic Reform
World Economy US Economic Reform Russia Economic Reform India Economic Reform
Neoliberal Reform Australia Economic Reform Politics & Economic Reform Economic Reform Policy
Poverty & Economic Reform Economic Reform Development Economic Reform Program Economic Federalism
Democracy & Economic Reform Economic Reform Movement Privatization & Economic Reform Income Distribution Reform
Liberal Reform Liberalization & Economic Reform Labor Market & Economic Reform Trade Liberalization
Economic Reform Elements Globalization & Economic Reform Social Reform African Economic Reform
Latin American Economic Reform Mexico Economic Reform Brazil Economic Reform Chile Economic Reform
France Economic Reform Germany Economic Reform Hungary Economic Reform Poland Economic Reform
Nigeria Economic Reform Ghana Economic Reform Tanzania Economic Reform Cuba Economic Reform
Middle East Economic Reform Egypt Economic Reform Iraq Economic Reform Turkey Economic Reform
Libya Economic Reform Jamaica Economic Reform Lithuania Economic Reform Ukraine Economic Reform
North Korea Economic Reform Vietnam Economic Reform South Korea Economic Reform Thailand Economic Reform

Last Updated on : 26th June 2013

This website is up for sale at $20,000.00. Please contact 9811053538 for further details.