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Rehabilitation of the Ghanaian mining sector
Author(s) -
Ansah Kofi
Publication year - 1990
Publication title -
natural resources forum
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.646
H-Index - 49
eISSN - 1477-8947
pISSN - 0165-0203
DOI - 10.1111/j.1477-8947.1990.tb00522.x
Subject(s) - devaluation , currency , earnings , business , investment (military) , rehabilitation , local currency , government (linguistics) , private sector , national economy , economic policy , finance , economic growth , economics , debt , economic system , macroeconomics , medicine , linguistics , philosophy , politics , political science , law , physical therapy
As part of the Ghanaian government's efforts to revive the national economy a series of measures were instituted. They included devaluation of the local currency, reduction of budget deficits and the rehabilitation of basic infrastructure. The mining industry plays an important role in the national economy and special measures were also introduced to encourage its rehabilitation and development. A new licensing system was introduced and a new fiscal regime was established which inter alia allows mining companies to retain part of their export earnings offshore. The response of the private investment community to those changes has been excellent and investment in the mining industry has increased substantially.