Picture: ISTOCK
Picture: ISTOCK

Accra — Ghana is benefiting little from its mineral wealth and needs a review of its mining code and tax policies, said vice-president Mahamudu Bawumia.

While the West African nation holds a 10% stake in most mines in the country, it has earned almost nothing in dividends since 2012, rendering the operations "virtually useless", Bawumia said at a conference in the capital, Accra, on Tuesday.

Ghana has to "re-examine our natural resources control and governance strategy; our resources fiscal regime, from exemptions to carried interest; and how to use our natural resources to build a better and prosperous economy," Bawumia said.

Hosting operations for gold producers from SA’s AngloGold Ashanti to Kinross Gold, the continent’s second biggest producer of the metal also mines bauxite and diamonds. An exporter of oil and the world’s second largest cocoa grower, Ghana’s government is driving policies to derive more benefit from its commodities and discourage unprocessed exports.