Industry News by Nemesis

KP Chair Ahmed Bin Sulayem Holds Talks With Ghana President

September 15, 2016

As part of his Africa Initiative, the UAE KP Chair, Ahmed Bin Sulayem, met the President of Ghana, John Dramani Mahama, following the second ‘Africa Dubai Precious Metals Forum’ which was held in Accra, to discuss Kimberley Process matters and the KP Chair Mid-Term Report.


Ghana is a full KP member, and the President discussed his country’s firm commitment to all KP mandates and operational criteria. Relatively small, when compared with other mining activity, the diamond industry remains relevant although it contributes less than around 5% of mineral commodities revenues to Ghana’s GDP.


Ghana has the 11th largest reserves of diamonds in the world and is the 14th largest producer in Africa.


Mineral exports from Ghana were $2.515 billion in the first quarter of 2016, down from $2.558 billion in the fourth quarter of 2015.  


Dramani Mahama highlighted recent changes in government legislation, including a repatriation law where 85% of the income derived from exporting raw materials, comes back to the country. 


All export transactions, diamonds included, are registered and reported by the Bank of Ghana. 


The President also alluded to further proposed legislation, for incorporation into mining and trading licenses, which would compel companies to engage in environmental repatriation programs, such as reforestation and other similar reparations.


The Africa initiative aims to keep a hands-on presence in diamond producing nations to help facilitate KP compliance, the fulfillment of KP mandates and to give Africa a voice.


Source: Idex

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