Okyehene , Osagyefuo Amoatia Ofori Panin has said that good management of the mining industry is the answer to funding the free public education political parties are promising.
He has therefore tasked political leaders to take a second look at revamping the mining sector.
Under the current existing mining laws, foreign mining firms do not have less than five years of tax holidays and have the right to repatriate all their profits to an extent that they have to depend on local banks for credits to finance their operations.
In reality, no company has ever paid more than 3% in royalties because of tax allowances and lack of expertise in the revenue collection authority. Research has shown that, between 1990 and 2007, this act cost the country 1.163 billion dollars if royalties had been paid at 12 per cent and 387.74 million dollars if royalties were paid at 6 per cent.
With promises of free access to basic education taking the centre stage in this year’s elections, source of funding has been question.
Speaking at the second in series of the eminent chief lecture, organised by Institute of Democratic Governance (IDEG), he stressed the need to manage resources effectively in order to ensure a sustainable development of the country.