The Minority in Parliament has cautioned government over the potential impact of introducing sliding-scale royalties that adjust with global commodity prices.
Speaking to journalists on Tuesday, Hon. Patrick Boamah said that the sliding-scale law if implemented, could lead to millions of jobs in the mining sector.
“If you introduce this sliding scale, yes, you may accrue some revenue, but the net effect will be some job losses that I will be sharing with you in the report that I will be giving to you. About a million job losses,” he stated.
He added that if the situation continues like that, investors will not find the mining sector attractive, and this could harm the sector’s growth and development.
“…all it says is that when it happens like that, we are not being attractive to the investor that is required to come to the mining sector, so this is going to hurt the mining sector,” he noted.
Hon. Patrick Boamah further urged urges government to honor promise to reduce Growth and Stabilization Levy to 1% to ease burden on the mining companies.
“At the committee, we invited the finance minister who promised the mining community that they were going to reduce the growth and stabilization levy to 1% to cushion them. As we speak, that has not happened, “he stated
