Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
AMN Accra Mining Network
EXODUS OF MINING INDUSTRY
PROFFESSIONALS
35 percent of professionals in the mining sector
have ex...
Upcoming SlideShare
Loading in …5
×

35% exodus from the Mining Sector

254 views

Published on

35 percent of professionals in the mining sector have exited or are no longer working in the sector. This was contained in a recent research by the Accra Mining Network.

Published in: Economy & Finance
  • Be the first to comment

35% exodus from the Mining Sector

  1. 1. AMN Accra Mining Network EXODUS OF MINING INDUSTRY PROFFESSIONALS 35 percent of professionals in the mining sector have exited or are no longer working in the sector in Ghana. This was contained in a report from a research by the Accra Mining Network. The research conducted at the Network’s event in July 2015 at the Ghana Chamber of Mines, also found that, 50 percent of the mining industry professionals, were also contemplating exiting from the industry. Ghana is well-endowed with natural resources with a total area of 238,533 sq. km of which 5% is covered by water. The country is endowed with gold, timber, industrial diamonds, bauxite, manganese, silver, fish, rubber, hydropower, petroleum, salt and limestone. The Mining industry of Ghana accounts for 5% of the country's GDP and minerals make up 37% of total exports, of which gold contributes over 90% of the total mineral exports. Considering the income tax deductions from the workers in addition, this trend automatically translates into a significant decrease in the country’s GDP. The industry has seen lack of investor enthusiasm since 2012, and industry big wits consider it an industry wide downturn but add that the impact is more severe in Ghana either because of the country’s relaxed labour laws or lack of enforcement. Industry players also believe that the phenomenon would come to an end in the next 18 months but the industry would not be the same should this exodus of experienced professionals continue. The foremost possibility speculated is that, if the trend continues, there would be an extraordinary shortage of mining industry professionals by the end of the downturn. This projected shortage is believed to lower the bar for job requirements of the industry, and usher in inexperienced professionals to take up responsibilities beyond their capabilities after the downturn, since most of the experienced ones would have left by the end of the downturn. This in turn would create a hiatus of a period of non-transfer of the requisite industry’s hands-on experience, which would subsequently affect returns on future investments and thence quickly initiate the next downturn in the waiting in the cycle. The research however did not look at what these mining professionals leaving the industry are going into, though most are currently unemployed and somewhat disillusioned. In an earlier event in April 2015 however, the former CEO of the Ghana Chamber of Mines, Rev. Dr. Joyce Aryee, admonished the mining professionals to look at other minerals such as Kaolin, Lithium and tantalite and refrain from banking all their hopes and energy on gold. The Accra Mining Network is a platform where industry players in Ghana meet, learn and earn. For further Information, contact the Accra Mining Network at info@accramining.net

×