The government of Ghana has started an audit of mining contracts in a bid to ensure that companies operating in the country “ensure compliance”, according to deputy finance minister Kwaku Kwarteng.

The move underlines Ghana’s efforts to increase revenues from the sector and stem illicit fund flows, an issue that several resource-rich African countries are now addressing.

Consultants appointed

Ghana’s vice president Mahamadu Bawumia said the country benefits little from its mineral wealth and needs to review its mining code and tax policies.

In response, the government has appointed consultants who are scrutinising contracts, Kwarteng said in an interview.

Tougher stance

The country will discuss its findings with the companies to try and reach an agreement on decisions, he said.

Kwarteng’s comments coincided with Mauritania rejecting a key permit for Kinross for the expansion of a project in that country, sending the gold miner’s shares to the lowest in more than a year.

Categories: Trade Based Financial crimes News