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Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION PROMOTING TRANSPARENT EFFECTIVE AND ACCOUNTABLE GOVERNANCE (TEAG)

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Presentation on theme: "Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION PROMOTING TRANSPARENT EFFECTIVE AND ACCOUNTABLE GOVERNANCE (TEAG)"— Presentation transcript:

1 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION PROMOTING TRANSPARENT EFFECTIVE AND ACCOUNTABLE GOVERNANCE (TEAG) “Reversing Resource Curse” Overview of the Extractive Industry and Development in Ghana (Dr. Joe Amoako-Tuffour, Senior Advisor, ACET) Accra, Ghana August, 2013

2 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Presentation Outline AFRICAN CENTER FOR ECONOMIC TRANSFORMATION  Background  Mineral Resource Areas  National Resource Contributions  Resource Policy Framework  Resource Legislative Framework  Institutional Governance  Governance Challenges 2

3 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Background AFRICAN CENTER FOR ECONOMIC TRANSFORMATION  Area – 238,535 km 2 (92,099 sq mi)  Population -25,199,609 (July 2013 est.)  GDP – $83.74 billion (2012 est.), PPP  Extractive Industry Highlights  Mining Long tradition in the country 1 st documentation on gold mining in 1493 ( Kesse, 1985) 2 nd largest producer of gold per annum, in Africa 10 th largest in the world (3% of world production) in Major firms: AngloGold Ashanti, Newmont Ghana, Gold Fields Ghana, Chirano Goldmines and Golden Star Others – Adamus (gold), Ghana Bauxite Co. Ghana Manganese, Small Scale Miners Artisanal Miners and Diggers: (about 26% gold output, 100% diamond output) 3

4 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Background AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Petroleum Offshore oil reserves in Ghana were discovered in the 1970s, but negligible quantities. Commercial quantities of discovered in 2007 and reported to contain up to 3 billion barrels (480,000,000 m 3 ). First Oil was produced in December 2010 Major oil & gas contractors include Tullow Ghana, Kosmos Energy, ENI and Hess Ghana Limited. 4

5 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Mineral Resource Areas AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 5

6 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Petroleum Resource Areas AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 6

7 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Mineral Policy and Legislative Framework AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 7 Policy initiatives Key Legislation  PNDC Law 153  the Income Tax Decree, 1975,  the Investment Code of 1981,  The Minerals and Mining Law of 1986,  Minerals and Mining Act of 2006 Subsidiary legislation

8 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Petroleum Policy & Legislative Framework AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 8 3 Policy Episodes  Ghana National Petroleum Corporation Law, 1983 (PNDC Law 64) Petroleum (Exploration and Production Bill), 1983  National Petroleum Authority Act,2005 (act 691)  2009 to present Local Content and Local Participation Policy Framework 2011 Petroleum Revenue Management Act, 2011 (Act 815) Petroleum Commission Act, 2011 Petroleum (Exploration and Production Bill 2013

9 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Institutional Governance AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 9 GOVERNANCE INSTITUTIONS Executive Petroleum Min of Energy & Petroleum Upstream & Midstream Pet. Comm. GNPC Energy Commission GNGC Downstream TOR, NPA, BOST. GCMC, GNGC Mining Legislature Petroleum Parliamentary Committee on Mines and Energy Mining

10 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Mining: Governance Institutions 10 a.The Executive and Ministries it directly controls; b.The Legislature; c.“Autonomous” public institutions; d.Traditional Authorities; e.Private (Non-governmental) Organizations The governance of the sector is largely limited to regulations and ensuring that the developmental benefits of mining are maximized, without active state participation.

11 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 11

12 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Governance Challenges Facing Resource Industry AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 12 Mining  Increasing galamsey operations (artisanal mining) on company concessions  Influx of foreign nationals in SSM  Land compensation  Scope of Corporate Social Responsibility  Challenges with mineral revenue o assessment, collection, accountability, and o Savings o End use.  Obsolescence of fiscal regime  Mineral Policy –Which Way?

13 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Governance Challenges Facing Resource Industry AFRICAN CENTER FOR ECONOMIC TRANSFORMATION 13 Petroleum  Lack of clarity in petroleum policy direction  Inertia in the development of legislative framework  Both mining and petroleum- clear absence of transparency in licensing and contracting  Institutional mandate overlap  Monitoring revenue management and spending  Social environmental impact  Local content administrative challenges

14 Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION THANK YOU 14


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