Editor-in-Chief of the Insight newspaper, Kwesi Pratt Jnr. is utterly shocked that Ghana has less than three (3) percent interest in its own gold industry.
Speaking on Peace FM’s “Kokrokoo” program Tuesday morning, the seasoned journalist questioned the logic in surrendering the country’s gold to foreign mining companies to exploit it and leave Ghana with chicken feed.
He noted that Ghana’s economy is crippling and the citizens are suffering majorly because of the bad decisions of the government.
He revealed that the Bank of Ghana has “entered into an agreement with these mining companies. The agreement is termed as Foreign Exchange Retention Agreement” and with this agreement, “when the mining companies extract our gold and export it abroad, they keep in some instances 98 percent of the gold revenues abroad”.
Mr. Pratt couldn’t fathom how the Central Bank would have such an agreement.
“Why? Are we that stupid?” he exclaimed.
He rubbished the deal that gives the foreign mining companies opportunity to rob the nation of the benefits of the gold industry.
“Ghana is the largest producer of gold in Africa today. We produce gold more than South Africa. We are the fifth largest producer of gold in the world but look at the sufferings of our people. Why? Because when you look at our gold industry, Ghanaians don’t have more than 3 percent interest in gold production in this country. It means 97 percent of the interest in gold is in foreign hands. How can you develop? Why would you not have these problems?”, he queried.
He stressed; “We won’t go anywhere if these things don’t change”.
He advised the government to return and utilize the blueprint for the development of Africa believing it will help the development of Ghana.
“It’s time to go back and pick the blueprint for African development based on collective self-reliance and the full control of our resources and the exploitation of our resources for the benefit of our people. There is no alternative to this; finished!”