The Government has justified a decision to review the royalties paid by mining firms that operate in Ghana. The review as specified in the 2011 budget will see the royalties go up from 3 to 6 per cent. The Government is also reviewing a number of elements within the fiscal regime for the sector as part of plans to ensure the nation gets more revenue from mining. Lands and Forestry Minister Mike Hammah says for a start mining firms which have a stability agreement with government will not be affected by the upward review in royalty payments until the terms have been renegotiated. He said the government had invited such companies for “a possible renegotiation of the agreement with the view to enhancing the benefits accruing to each party.” Mining giant AngloGold Ashanti has already indicated it is exempted from the review. There have also been suggestions that reviewing standing agreements with mining companies could send wrong signals to the investor community. But the Transport Minister disagrees. He said over the years Ghana has not benefited as it ought to have done and there is the need to reverse the situation. Source: Joy Business/Ghana