Under-reporting and weak monitoring systems have been identified as reasons for the low revenues generated in the extractive sectors specifically the quarry sub-sector.
According to the African Center for Energy Policy (ACEP), Ghana is losing about 18 times more in the quarrying sub-sector compared to other minerals like gold, bauxite and others.
Despite the substantial amount of mineral resources on the African continent, Africa’s production accounts for only 8% of the world’s mineral production.
Without doubt, ACEP said revenue taken by African governments from the extractive sector can help African economies increase their comparative advantage and diversify their economies beyond the extractive sector by developing linkages and deepening value creation.
Speaking to Joy Business at a sub- Regional Forum in Domestic Revenue Mobilization in the Extractive Sector, Policy Lead, Climate Change and Energy Transition at ACEP, Charles Gyamfi Ofori called for investment in technology to help mobilise revenue from the quarry sub-sector.
“The industrial minerals sector which has been a bit overlooked and more focus has been drawn towards the precious minerals side of things. We saw that the revenue potential from the quarrying sector if we pay a lot more attention, conservatively is about 18 times more what is being presented currently.”
“That tells you, we are forgoing a lot of revenues because of the weak monitoring systems and that is ongoing within the industrial minerals sector”, he adedd.
Meanwhile, the forum brought together, relevant stakeholders across the sub-region in the extractive sector, to share cross-country experiences and exchange ideas on how to effectively address challenges and promote domestic revenue mobilisation in the extractive sector.
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