Home Middle East-Africa Multinational Corporations Take 98.3% Of Ghana’s Gold

Multinational Corporations Take 98.3% Of Ghana’s Gold

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Ghana is one of the largest exporters of Gold in the world. However, the country only takes about 1.7 percent of the revenue earned from exports. The rest, 98.3% ends up in the hands of multinational corporations. From 1990 to 2002, the government of Ghana received only 87.3 million from the 5.2 billion worth of gold produced in that period.

International Monetary Fund blames corrupt officials within the government for the misuse of the 1.7 % the government receives. However, the question remains why 98% generated from gold exports does not benefit the people of Ghana. The final market value of the exports should be at least 5%, less than 3% is too low.

The multinational corporations take advantage of the blame games and finger pointing in the corrupt government and rob the government while they tussle with corruption. The corporations define the terms of the deals and give the government high-interest rates n money borrowed.

It then becomes difficult for a government in debt with a multinational corporation to create its own policies that will govern access of loans or terms of repayment. It is a new form of colonialism.

In the case that a local government official or leader challenges the multinational entities for their unfairness, the entities depose the officials through coups, destabilization campaigns or fabricate corruption scandals to discredit the challenger.  Kwame Nkrumah, a Ghanaian independence hero, stated in his book that the economic systems and political policies are directed from outside in this case, the Multinational Corporations having the upper hand on Ghana’s gold exports.

Today neocolonialists who are taking advantage of ghana’s wealth, blame bad governance and corrupt leaders for the lack of tangible benefit from the minerals in the country. This explanation is incomplete because it leaves out how the colonizers exploit the country for labor and the pillage of the country’s natural resources.

The excuse for bad governance and corrupt leaders as the main cause of poverty, underdevelopment and as the reason for the 1.7% distribution of returns from gold, is a deflection tactic to deviate the attention away from the real perpetrators: the multinational entities that remain with the 98.3%.

The Ghanaians are tasked with the hardest jobs in the mines, where death, illnesses, and rape is a normal occurrence while the multinational corporations, all of them private task themselves with refining and distribution. In the end, the resources in the country benefit the multinationals more than the Ghanaian citizens. It is a replica of how colonizers used the resources of the African countries to sustain their wealth.

The narrative of bad governance is a neocolonialist move to define and control the resources for their own benefit. The transnational corporations justify their actions by saying that Ghana is incapable of effectively managing the minerals.

The transnational corporations are robbing the citizens of Ghana their right to manage, control, and plan for the resources in the land they live on and their right to create and develop their country’s economic and political policies.

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