The Asantehene, Otumfuo Osei Tutu II, has urged mining companies to retain part of their profit in the country to help accelerate national development.
He said this was the only way Ghana could reap the benefits of mining as pertained in countries like South Africa.
Otumfuo Osei Tutu II made the call in a speech read on his behalf by the Essumagyamanhene and the Head of the Benkum Wing of the Asanteman Council, Odeneho Okyere Kusi Ntrama, at the opening of the 17th West African Mining and Power Conference and Exhibition, in Accra, yesterday.
The three-day conference being organised by DMG Events on the theme: "The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa," brought together 300 participants and 150 local exhibitors from 20 countries across the world.
The Asantehene called for increased local ownership and participation in the exploitation of mineral resources to retain more value in the country.
To this end, he urged the mining and power (energy) companies in the country to list on the Ghana Stock Exchange, to promote local ownership in those companies.
Otumfuo Osei Tutu II entreated the mining companies to mine sustainably to protect the environment, adding that "mining companies should respect the local communities and their cultural values".
He said investments of mining companies should not only focus on economic returns, but long-term prosperity of the country.
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Otumfuo Osei Tutu appealed to mining companies to adopt Artificial Intelligence and Technology in accordance with "the shift from fossil to renewable energy".
The Minister of Lands and Natural Resources, Samuel A. Jinapor, said the government recognised the pivotal role of mining and power sectors in driving economic growth, creating employment opportunities and contributing to national development through revenue-generation.
He said the government was promoting investment in exploration to uncover new mineral reserves and sustain the long-term viability of the mining sector.
Mr Jinapor said government was working with the Ghana Revenue Authority (GRA) and the Ghana Chamber of Mines, under the guidance of Government's Economic Management Team, to explore the best framework for treating critical imposts such as Value-Added Tax (VAT) on exploration to reduce financial burden on exploration companies.
"We are, also, in the process of enacting a Legislative Instrument, pursuant to section 28 of the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to restrict the export of bauxite in its raw state. This will enable us leverage on our over 900,000,000 metric tonnes (MMt) of bauxite resources to build an integrated aluminium industry in-country," he stated.
The Chief Executive Officer of the Ghana Chamber of Mines, Dr Sulemanu Koney, said the conference had come at an opportune time.
He said the event was to provide a platform to introduce new suppliers, new technologies and new techniques to West Africa's mining and power sectors.
