The Asantehene, Otumfuo Osei Tutu II, has urged mining companies to retain more of their profits in the country to help accelerate the development of the economy.

That, he said, would help Ghana to reap the benefits of mining as seen in other countries, including South Africa.

Otumfuo Osei Tutu II said this in an address read on his behalf by the Essumagyamanhene and the Head of the Benkum Wing of the Ashanteman Council, Odeneho Okyere Kusi Ntrama, during the opening of the 2024 and 17th West African Mining and Power Conference and Exhibition.

The three-day conference is on the theme: “The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa.”

It is expected to be attended by 300 participants and 150 local exhibitors from 20 countries across the world.

The Asantehene, who was the special guest of honour, called for increased local ownership and participation in the exploitation of the country’s mineral resources to retain more value locally.

He urged the mining and power companies in the country to list on the Ghana Stock Exchange to promote local ownership.

The Asantehene entreated the mining companies to mine sustainably and respect the environment, adding that mining companies should respect the local communities and their cultural values.

He said the investments of mining companies should not only focus on yielding economic returns but the long-term prosperity of the country.

The Asantehene urged mining companies to adopt Artificial Intelligence and Technology in line with the shift from fossil to renewable energy.

On his part, the Minister of Lands and Natural Resources, Samuel A. Jinapor, said the government recognised the pivotal role of mining and power sectors in economic growth such as creating employment opportunities and contributing to national development through revenue generation.

He said because of the importance of exploration to the mining industry, the government was promoting investment in exploration to uncover new mineral reserves and sustain the long-term viability of the mining industry.

Mr Jinapor said government was working with the Ghana Revenue Authority (GRA) and the Ghana Chamber of Mines, under the guidance of Government’s Economic Management Team, to explore the best framework for treating critical imposts such as Value-Added Tax (VAT) on exploration to reduce the financial burden on exploration companies.

“We are, also, in the process of enacting a Legislative Instrument, pursuant to section 28 of the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to restrict the export of bauxite in its raw state. This will enable us to leverage on our over nine hundred million metric tonnes (900,000,000MMt) of bauxite resources to build an integrated aluminium industry in-country,” he stated.

The Chief Executive Officer of the Ghana Chamber of Mines, Dr Sulemanu Koney said the conference had come at an opportune time in the history of the country.

He said the conference was to provide a platform to introduce new suppliers, new technologies and new techniques to West Africa’s mining and power industries.