If you are not ready, leave it in the ground– Justice Sophia Akuffo on resource exploitation

Former Chief Justice Justice Sophia Akuffo has urged the government to review contracts related to Ghana’s natural resources. She wants to ensure the country fully benefits from their exploitation.

At a press briefing in Accra, she shared examples from other African nations. These countries have effective taxation and equity frameworks that maximize revenue.

For instance, Angola has a Petroleum Income Tax under a Production Sharing Agreement. The taxable income rate is 50 percent. Other contracts, like consortium agreements, face a higher rate of 65.75 percent.

Justice Akuffo also mentioned Eritrea’s mining policies. Under Article 41 of its Mining Law Proclamation, the government can participate with up to 40 percent equity. This includes a 10 percent interest in any mining investment.

She emphasized the need for proper frameworks in Ghana's resource management. “Over 10 trillion dollars could be realized if there are the right frameworks,” she said. She added that if Ghana is not ready, it should leave resources untapped until it has the right expertise and capital.