Mrs Mona Quartey, Deputy Minister of Finance has said the contribution of the oil, mining and gas sectors to total tax revenues had been decreasing from 27 % in 2012 to 19 % in 2013 and to 16 % in 2014 due to the fall in international prices of gold.

Mrs Mona Quartey said total revenue added in the mining sector in 2012 was GH¢1,461,202,977, GH¢1, 104,047,314 and GH¢1,192,692,542, with total Foreign Direct Investments (FDI) into the minerals and mining sector from 1983 to 2014 amounting to about US$14.65 billion.

Mrs. Quartey said in a speech read on her behalf at the launch of the GHEITI 2014 reports in Accra that in the face of declining international commodity prices, the gov’t is working attentively to ensure that the revenues from our extractive resources are cautiously managed and utilized for the benefit of our people, especially those immediately and negatively impacted by the activities of extractive sector companies.

Dr. Steve Manteaw, the co-chair of GHEITI, said the 2014 report was being launched at a critical time when Ghana had been acknowledged internationally for her achievements.

Though, he indicated that Ghana also had the hurdle of validation to cross.

Ghana has been going down wards among the 1^st few countries to undergo validation under the EITI standard and so the work ahead is still hard.

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