High Levels of Offshore Retention, low Levels of Royalty Rates Hinder Africa
Speaking as a panellist on an Accra-
Responding to Newmont Communication Manager Mawuena Dumor’s criticism that TWN-
The argument is not to say that mining companies do not provide certain facilities for the communities in which they operate, some do. But more to emphasize that "when measuring the cost/benefit of a project, you’re not looking at a simplistic way of a school block, or a clinic block, but a totality of what is invested, destroyed and the balance in the distribution of the benefits generated by the investment". For instance, AngloGold and its affiliates might have provided social infrastructural facilities as claimed by its representative on this programme.
But it is also a fact that AngloGold and its affiliates had and continue to inflict pain and damage on the environment and the communities in and near where they operate. He continued: "for example, there are no signs of development in Obuasi Township that reflect the huge amount of gold retained by AngloGold in that city." He said that, in fact, when you look at the town, which he had visited many times, "the paved roads do not lead to commercial or business areas, but facilities of AngloGold."
In another response to the Newmount’s communication officer that no intellectual works exist on cost-
The bottom line for Darimani is that once we measure all of these developments, including the net returns, "and equally measure the destruction, and tax holidays", countries, like Ghana, that are endowed with mineral resources are not only gaining very little from the work of the mining multinational companies, but, more seriously, the commercial banks within the country, as well as the people, "are losing".
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The report has called on governments to adopt measures to protect the human rights of people, through the regulation of the banking and financial sector.
It has further indicated that spending on stimulus packages is necessary to ensure full implementation of human rights.
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