Kwesi Pratt Jr., editor-in-chief of the journal Insight, is astonished beyond belief that Ghana has less than three (3) percent stake in its own gold business.
The seasoned journalist questioned the wisdom of turning over the nation's gold to foreign mining corporations so they might exploit it and leave Ghana with chicken feed during a Tuesday morning appearance on Peace FM's "Kokrokoo" show.
He pointed out that the government's poor actions are a key cause of Ghana's hurting economy and the suffering of the populace.
He disclosed that "an arrangement has been entered into with these mining businesses" by the Bank of Ghana. The contract, known as a "Foreign Exchange Retention Agreement," states that "when the mining firms remove our gold and send it overseas, they keep, in certain cases, 98 percent."
Mr. Pratt struggled to understand why the Central Bank would enter into such a contract.
"Why? Are we really so naive? "He shouted.
He denounced the agreement that allows foreign mining firms to deprive the country of the advantages of the gold sector.
"Africa's top gold producer right now is Ghana. Compared to South Africa, we generate more gold. Despite the fact that we are the fifth-largest gold producer in the world, see the misery of our populace. Why? Because Ghanaians only have a 3% stake in the nation's gold output, according to our analysis of the gold sector. This indicates that foreigners own 97 percent of the interest in gold. How do you advance? Why wouldn't you experience these issues? ", he said .
If these things don't change, he emphasised, "We won't get anywhere."
He suggested that the government use the African Growth Plan, arguing that it will aid Ghana's development.
"It's time to start again and choose the development strategy for Africa that is based on everyone being self-sufficient, having complete control over our resources, and using those resources to the advantage of our people. This is the only option; it's done!"