Prof Godfred Bokpin, a professor of Economics and Finance at the University of Ghana Business School, has disclosed that Ghana loses over $2.4 billon every year to illegal mining otherwise known as galamsey.
With the nation’s inability to reclaim profits lost to galamsey activities, the Professor is of the opinion Ghana is headed for a national crisis if galamsey is not resolved.
According to him, illegal mining, smuggling and other associated losses show that Ghana is not benefitting as it should be from the nation’s natural resources.
“I’m looking at irresponsible mining from different angles, so we are not benefiting optimally. The revenue losses, in total, amount to over $2.4 billion annually. That is the fiscal loss to the state. In fact, that’s far more than what we are getting from the IMF,” he stated.
He foretold Ghana will suffer environmental and health effects of illegal mining, as the inability to retrieve lost revenue would hinder corrective measures.
