HomeGeneral NewsWe'll invest in geological services to increase revenue from mineral deposits –...

We’ll invest in geological services to increase revenue from mineral deposits – Mahama

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The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama says the NDC will invest in the Ghana Geological Survey Authority (GGSA) so it can explore mineral resource deposits in various parts of the country.

It is the party’s plan to increase earnings from the country’s mineral deposits.

According to the former President, what exists presently is not in the interest of the country.

Mostly, investments into geological surveys are made by foreigners who tend to make more from such mining deposits when successful.

“When they explore and discover the mineral, they apply for mining lease to mine. Because they are funding it, it is very difficult to spell out the terms,” Mr. Mahama said.

The NDC flagbearer was speaking at a Town Hall meeting at Ayeldo-Abura-Asebu Kwamankese in the Central Region.

Though the country continues to find mineral deposits, it is yet to make an impact on the economy.

The NDC flagbearer detailed the revenue accrued to the country annually from the mineral deposits.

“What we benefit now is ten percent current interest, three percent royalties and corporate income tax of 35 percent. That is what we get. The foreigners take away the rest,” he said.

After discovering lithium in commercial quantities in the Central Region, there have been heightened debate on the exploration deal.

According to Chief of Ayeldo, Okakaben Idun Andoh X, the initial geological investigations had established some lithium deposits in commercial quantities in the area.

He believes the mineral when mined will improve the fortunes of the area.

Youth of the area are expectant of the positive impact the mineral will make on the area.

But Mr. Mahama insists there is a need to institute the right policies to enhance benefits.

“We will make laws that will allow the country to make the necessary income. We must make more from the mineral resources than what we are making presently,” he added.

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