Government must see to establishing Akonta Mining as one of the Local Mining Giants, and, all processes must be easier for Akonta Mining to operate effectively.
The benefits of supporting local companies to become giants are many. Specifically on the strategy to deal with our Cedi Depreciation.
1, Local Purchases of gold policy is intended to shore up our International Reserves. This initiative has taken off. The success of this policy requires that we don't undermine our own. Help them to produce responsibly, even if they have production process limitations.
2, The Monetary Policy Committee (MPC) recently had a deal with Mining Giants, Oil and Gas Companies, to sell their dollar proceeds obtained from the sale of gold abroad to the Bank of Ghana to help stabilize the Cedi. These companies have pledged to provide 600 million dollars by end of the year.
Why kill local mining firms like Akonta Mines that shows promising future?
The Russian government did it for Roman Abramovic, the former Chelsea owner. The British government did it for Shell, to not lose the oil contract with the Lybian government. These state interventions are positive examples for Ghana to follow.
Source: Ishaq Kyei Brobbey
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