Author's note; This piece was written on 18/1/2013. I was unable to post it on the day - and do so today instead.
Just as some of us predicted when we persistently called for debt
write-off in the 90's, Ghana's economy began to expand when debt relief
came with the Highly Indebted Poor Country initiative.
Ghana is lauded for its stability and for being a peaceful and
democratic nation - and an example to the rest of sub-Saharan Africa.
However, in the long-term, democracy cannot survive in Ghana, if
ordinary people continue to face economic hardship and grow poorer.
There is general consensus amongst most educated Ghanaians that Ghana's
agreements with extractive industry companies, are amongst some of the
worst in the world - if not the worst.
It is also a fact that it is in the long-term interest of the overseas
shareholders of gold mining companies, as well as those of the oil
and gas entities operating here, that Ghanaian democracy survives and
thrives.
If they are desirous of ensuring that, let them voluntarily adopt De
Beers' partnership model with Botswana immediately - so that the
relationship with Ghana is a win-win one: not the present one-sided
one.
Why, for instance, do the gold mining companies and the oil companies not invest in refining capacity here?
Should Ghana not become a leading producer and exporter of petroleum products, in Africa?
Would that not contribute to her prosperity - and help governments of
the day continuously raise living standards in Ghana and lift more
people out of poverty, going forward?
And if Ghana became a leading producer of gold coins and bars, as well
as a major centre for the sale of same, would that also not contribute
to the nation's prosperity?
If Ghana's extractive industries followed the example of De Beers in
Botswana, and entered into similar 50-50 production agreements, what
catastrophe could possibly befall those companies and their overseas
shareholders?
Would it not rather win them plaudits globally, as ethical companies
contributing positively to a poor developing nation's economic
transformation?
It is said that a friend in need is a friend indeed. Let Ghana's
extractive industries offer a hand of genuine friendship to Ghana and
its people, when they need it most. Now.
Let them adopt De Beers' Botswana partnership model now - when Ghana
needs more ethical investment and additional revenue to transform its
economy for the benefit of ordinary Ghanaians. A word to the wise...
Tel: 027 745 3109.
Email: peakofi.thompson@gmail.com
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