While natural resources governance is not a new concept in the region of Eastern and Southern Africa 2, the NRGF seeks to heighten its applicability by providing a guide for assess-ing and strengthening natural resources governance at mul-tiple levels in … The Chamber of Mines – This is the body that mining companies’ representatives sit in. This, therefore, leads to them being negligent and in turn, they contribute to pollution. These are: Education Some people visit these places to learn. Ghana's gold deposits have attracted companies from Canada such as the Red Back Mining Company, and companies from South Africa such as the Anglo Gold Ashanti Company. ). The Ghanaian labor department estimated that roughly 10% of the country's population was reliant on the fishing sector. Due to the importance of agriculture to the Ghanaian economy, the government has invested heavily in improving the sector mainly through providing training to farmers on modern agricultural techniques. The Ghanaian economy faces numerous challenges such as the poorly developed infrastructure as well as the high poverty rates in most of the country. The sandy coastline is backed by a coastal plain … Source: Commons.wikimedia.org Do you think it was just by chance that the colonialists called … In spite of the cocoa sector's rapid growth, it faces several significant challenges such as smuggling and the long period that cocoa takes to mature. It has approximately 30 percent of the earth’s remaining mineral resources. Since 2004, according to data from the World Bank, the size of arable land in Ghana has fluctuated significantly which is mainly attributed to the fluctuating weather patterns around the globe. Aluminium is another important mineral in Ghana. For this reason, the Ghanaian government came up with the idea of forming a body to help deal with this situation. Gold plays an important role in the economy of Ghana, with up to 1500 tons of gold produced throughout its history. Natural resources are materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain. The dialogue was held under the theme: Empowering Communities to Manage Natural Resources Sustainably: A Review of CREMAs Implementation in Ghana. All maps, graphics, flags, photos and original descriptions © 2021 worldatlas.com. Be the first to get hottest news from our Editor-in-Chief, Check your email and confirm your subscription. 2010s Based on the availability are two types of natural resources: 1. Today, the Ghanaian government is a unitary republic consisting of a president, parliament, cabinet, council of state and an independent judiciary. Akwaita was where the diamonds were first found in Ghana. READ ALSO: Best Investment Companies in Ghana. Ghana is the second largest gold producer in Africa and the 9th largest producer in the world. However, a report that was published in 2004 by two organizations, Global Witness Publishing Inc and Partnership Africa Canada, revealed that diamonds were being exploited in Ghana from as early as before 1989. In 2009, Ghana produced 370,000 carats of rough diamonds, and although these are minimal compared to the world top producers, it plays a significant role in the country’s economy.In 2014, the country was ranked among the top rough diamond producers. This is because Ghana is said to have 23 large scale and a little over three hundred small-scale mining companies that produce some of the major natural resources found in the country. The forestry sector is vital to the Ghanaian economy, and in 1990 it contributed 4.22% of the country's GDP. These places attract people all … Due to the high level of electrical conductivity of gold, it is not strange to find electrical appliances made with some gold. Importance of Natural Resources for Ghana Development. Why so? Ghana currently has one of the strongest economies of West Africa's countries due to its richness of natural resources. Rate of natural increase of Ghana fell gradually from 30.07 persons per thousand population in 1971 to 21.45 persons per thousand population in 2020. Gold Fields Ltd which is a South African company controls the Damang gold mine and the US-based Newmont Mining Corp mine in the Ahafo and the Akyem gold mines. Demand for cultivable land, fuel wood/charcoal and other forest products, arising from the needs of the non-agricultural (mostly, urban) population and the export sector. Some of the negative effects include pollution. You are already subscribed to our newsletter! Human resource must be trained in order to develop their skills to exploit our natural resource efficiently. Since then, the exploitation of this mineral has continued all over the country. For most of the early 1990s, approximately 20% of the gold mined in Ghana was extracted from underground mines particularly in the Ashanti region. One of Ghana's most vital natural resources is arable land which covered approximately 20.66% of the country's total land area as of 2014. You don't believe me? Ghana is believed to have between 5 billion and 7 billion barrels of oil reserves, which makes the country as Africa’s 6th largest and the world’s 25th largest with proven oil reserves. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. It is the leading exporter of bauxite, coal, … They were discovered by the company called Kosmos Energy LLC. Well, we're looking for good writers who want to spread the word. Have you ever experienced the feeling of satisfaction? Not satisfied? It was renamed Ghana, meaning “Warrior King,” to reflect the ancient Ghana Empire that flourished in West Africa during the 10th century. The World’s Largest Oil Reserves By Country. Just as the exploitation of these resources come with positive effects, there can also be negative effects. Source: ghanaiantimes.com.gh The success of the Ghanaian economy can be attributed to various factors with the major one being the country's proper utilization of its natural resources such as arable land and minerals. It is found in almost all devices including mobile phones, televisions, HDMI cable and many more. These resources include land, rocks, forests (vegetation), water (ocean, lakes, streams, seas, and rivers), fossil fuel, animals (fish, wild life, a… The deal would also include the improvement of bauxite mining, alumina refining and aluminium production. The deposits were believed to be about 6 million barrels. Manganese is also used in aluminium alloys. However, agriculture is still one of the country's most important economic activities. Coal. This mineral is introduced to steel to help rid the steel of excess sulphur, phosphorus and oxygen to improve the ability of the steel to be shaped to desired models. There are different mines across the region that are operated by different gold mining companies. Nature and natural resources are destroyed as human populations grow and require more space for habitation and farming, and more fuel for cooking. An example of the impurities that affect diamonds is nitrogen and boron. It is one of the most important natural resources not only in Ghana but also all around the whole world. Currently, the Ghanaian economy is among the top 100 globally, and in 2017 its gross domestic product was the 84th highest in the world standing at $47.33 billion. The Minerals Commission – This commission is tasked with recommending the mineral policies for investors in the mining industry, The Environmental Protection Agency – They are given the overall responsibility for environmental issues related to mining. On October 3, 2018, a National Policy Dialogue was organised to discuss the implementation, successes and challenges of the Community Resource Management Area (CREMA) concept in Ghana. Rock with inclusion of quartz such as diamond. Forests in the southern part of Ghana are considered more economically viable than forests in the rest of the country. This can be derived from the fact that the government in 2005 looked to improve the exploits of the mineral by signing a memorandum of understanding to develop the industry including also putting in place infrastructure and improving the rail transport to help in the transportation of the mineral. There are several things used in construction that are made by aluminium including windows, roofs and building wires. You should first realize that the mining industry in Ghana is a pretty huge deal. In 2010 production commenced. Some unscrupulous companies do not take the environmental degradation that their activities may cause seriously. America has the world's largest reserves of coal, at 491 billion short tons … Rich in oil and natural resources, Africa is the world’s fastest-growing region for foreign direct investment. Some of the uses of gold are; Do you know that over 70% of the gold that is mined in the world is used to make jewellery? Specifically, in the early 18th century, most of the gold that was coming from Ghana originated from the Ashanti and Western region. Ghana also has significant deposits of diamonds which plays a significant role in the country’s economy. However, if the practice is not closely monitored, there is bound to be a large number of negative effects that may arise. Well, if you did, let me correct you. The Guyanese government estimated that in 2015, roughly 83.95% of the country’s total land area was covered with forests. The master budget is developed by including different factors like sales, working capital, operating … What Are The Major Natural Resources Of The United Arab Emirates? Since Guyana gained its independence in 1966, the country’s chief economic assets have been its natural resources, mainly its pristine rainforests, sugarcane plantations, rice fields, and bauxite and gold reserves. It is tradition to hold elections every four years. Total natural resources rents (% of GDP) Estimates based on sources and methods described in "The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium" ( World Bank, 2011 ). Rubber in Ghana. It was not until the year 2008 that commercially viable deposits of crude oil were discovered in Ghana. As of 2004, Ghana's forest cover was roughly 39.6%, the area under forests had increased dramatically which is partially due to the Ghanaian government emphasizing the importance of forest conservation. Forest Resources: Use and over-exploitation, deforestation, case studies. Ghana is endowed with a lot of natural resources but we lack trained and skilled people to exploit these natural resources. Despite the long history of oil exploration in the country, the first commercially viable field was discovered in 2008. Biotic natural resources also include fossil fuels such as coal and petroleum which are formed from organic matter that has decayed. Natural resource geology. 2.2.1 Natural resources and associated problems 20 2.2.2 Non-renewable resources 22 2.2.3 Renewable resources 22 a. Non-Renewable:resources that are limited in abundance due to their non-renewable nature and whose availability may run out in the future are called non-renewable resources. After this discovery, companies would later come forward and explore different parts to see if they can find deposits of diamonds. This South American country has an estimated $14.3 trillion worth of natural resources. In 2015, approximately 41% of Ghana's territory was covered with forests according to estimates compiled by the World Bank. One of the uses of this precious mineral is the purification of steel. Modern drill rig owned by Ghana Manganese Company at work. Ghana is well-known for the production of cocoa as the country is often considered one of the top cocoa producers globally. Let us look at the Ghana natural resources that are the greatest contributors to it's economy. Some examples are coal, petroleum, natural gas, iron, copper, gold, etc. If Ghana could talk, she would be the perfect example of someone who is blessed and satisfied. What Are The Major Natural Resources Of Ghana? An essential mineral in Ghana is gold which is primarily obtained through underground and alluvial mining. This now brings us to the next question, how have the natural resources impacted the Ghanaian economy? The manganese from Ghana is exported to various foreign and especially European countries where it is put into use. The kind of resources that help fuel the economy by creating employment and also bringing the country a lot of revenue. It was tasked with, among other things, working in conjunction with other government bodies and international bodies with an aim of ensuring the mining activities do not negatively affect the environment. Ghanaian fishers mainly get their freshwater fish from lakes such as the Volta and the Bosumtwi. Abiotic: these resources come from non-living and non-organic material. The government of Ghana has invested huge sums of money in trying to solve the challenges facing the country's fishing sector. The government of Ghana has partnered with international financial institutions to tackle the challenges affecting its economy. In the world, the oil in Ghana is believed to be at number 25 of the largest oil reserves. These categories are used to gauge the health of an economy — be it local, national, or international — by looking at … What Are The Major Natural Resources Of Ghana? Renewable resource harvesting and use typically do not produce pollution or contribute to global warming.The use of renewable resources and energy sources is increasing worldwide, with certain nations, such as Bhutan, and US states, such as California, beginning to rely entirely on renewable energy.From 2008 to 2012, the U.S. doubled renewable generation from wind, solar, … One of this companies was Paramount Mining Corporation Ltd that entered into an agreement with Leo Shield Exploration Ghana Ltd to try and find more diamond reserves. Despite the efforts of the Ghanaian government, the country's agricultural sector faces numerous challenges such as the fluctuating prices of farm products in the global market and the country's poorly developed transport infrastructure. The revenue collected from the mineral industry includes the tax charged on the employees working for the companies, corporate taxes from the companies and also through the payment of mineral royalties. Before this time, the Ashanti Goldfields Corporation(which the government had 55% in share capital) was the major gold producer in Ghana with only 20% of the gold in Ghana not being produced by them. The next year, the oil production had reached a high of 1.9 million barrels. Some of them include: Natural resources have a lot of positive as well as negative effects. The Guyanese economy is heavily dependent on natural resources such as arable land, minerals, and forests. 2. The government also wanted to have a stake in the mining of aluminium. Source: ghanatalksbusiness.com Ghana was called the Gold Coast due to the large deposits of gold that are found in the country. After the discovery, the government moved fast and established a diamond placer mine and operated the mine through the Ghana Consolidated Diamonds Ltd (GCD). Example: Forest, wind, water, etc. Since time immemorial, the country’s industries have thrived on the natural resources which the … conducting investigations into environmental issues, Coordinating the activities of bodies concerned with the technical aspects of the environment for the purpose of controlling the generation, treatment, storage, transportation, and disposal of industrial waste, Ensuring compliance with environmental impact assessment procedures, Issuing environmental permits and pollution abatement notices, Making recommendations to the Government for the protection of the environment, Prescribing standards and guidelines related to the pollution of air, water, and land, They also help in protecting and improving the quality of the environment, Finally securing the control and prevention of discharge waste into the environment among several other functions. In another area, the company discovered 72 diamonds.This also in the year 2006. They are also absorbed by plants from the earth’s surface, and are transferred to humans through food. They went ahead to test the possibility of creating cement from the bauxite mining waste. Transport – Aluminum is used in the making of various transportation modes. Ghana is the second largest gold producer in Africa and the 9th largest producer in the world. The gold from this two regions was mostly from the various underground mines and in the central region and Ashanti region, some gold came from the river beds in those regions. Minerals in Ghana are mainly extracted for the export market with the government estimating that minerals made up roughly 40% of the country's total exports. Natural Capital Accounting (NCA), is a concept introduced by the World Bank which involves the conscious effort to calculate the total stocks and flows of natural resources … Before the exploitation of oil in Ghana, the oil was imported. Natural resources refer to the things that exist freely in nature for human use and dont necessarily need the action of mankind for their generation or production. Government Revenues in Ghana increased to 4458.67 GHS Million in September from 4452.16 GHS Million in August of 2019. Examples of these resources include land, fresh water, air, and heavy metals (gold, iron, copper, silver, etc. Geologic map of the Tarkwa gold district in Ghana showing significant folding and faulting. Well, it is because of all the natural resources in Ghana. Fishing is vital to the Ghanaian economy, and the government estimated that on average the fishing industry contributed 3% of the country's total gross domestic product. The ability of the mineral to improve the resistance of corrosion makes it very resourceful in creating aluminium alloys. Source: chinafile.com Oil has been mined in Ghana since the late 19th century. Some electronic materials are coated using aluminium. With all these natural resources, there are some bodies that have been set up to try and govern and put in check as well as create policies that help improve and sustain the mining industry in Ghana. Source: yungghana.com These minerals are mined and exported from the country. The exploration of manganese in Ghana can be traced back to the early 1970s. The … Total capture fisheries production was about 298 000 tonnes in 2013; around 24 percent of this production (90 000 tonnes) came from inland fisheries mostly based on Lake Volta, the largest man-made lake in … Ghana remains a largely rural economy, where the majority of the population gains its livelihood from natural resources. Key outputs from the … The mining sector has therefore been an important part of our economy, with gold accounting for over 90% of the sector. Owing to this fundamental importance of natural resources, they must be managed sustainably. Forests . Giving environmental permits to the industries and control pollution. Proper utilization of these resources is one of the primary reasons for Guyana’s economic growth. The Ghanaian labor department estimated that in 2013, more than 53% of the nation's labor force was employed in the agriculture sector. Some 80% of poor households live in rural areas where 77% are farmers and 84% are self-employed (ADB, 1994). A 2014 report indicated that the most significant challenge facing the Ghanaian diamond sector was the smuggling of the precious stones into neighboring nations such as the Ivory Coast. It, therefore, acquired its stake in the company that does the mining in Ghana. natural resources use provide jobs and are often the basis of livelihoods in poorer communities. Mining to extract natural resources such as gold, manganese causes pollution. This is because aluminium is very resistant to corrosion and it is very light. All the oil that was imported into the country was refined at the Tema Oil Refinery. You can see gold being traded in the stock exchange markets and some governments like the US use gold to hold all its monetary currency. Looking at the examples of natural resources, gold is one of those important ones. Would you like to write for us? The Ghanaian cocoa industry has been growing at a fast rate with the government estimating that from 2000 to 2003 the sector grew by 16% on average. Ghana has five major types of gold deposits. Oil and gas exploration in Ghana is ongoing, and the amount of both crude oil and natural gas continues to increase. This often causes over-exploitation of the natural resources, and contributes to environmental erosion. The Lands Commission – This is the commission tasked with the legal aspect of mining by keeping legal records and examining new applications for mining industries. However, there have been some steps that have been taken by The Building and Road Institute of the Council for Scientific and Industrial Research of Ghana to examine the possibility of producing cement in Ghana. Well, it is because of the various ways in which you can use the natural resource. According to the World Bank report, Ghanaian agriculture has a huge potential to be one of the leading sectors in the economy and could easily be transformed into an engine of job creation and economic growth. The minerals that Ghana exports are responsible for 35% of the total revenue that is collected by the government. It is used in the making of making cooking utensils. Ghana's Jubilee Oilfield which contains up to 3 billion barrels (480,000,000 m 3) of sweet crude oil was discovered in 2007, among the many other oilfields in Ghana. 23 Timber extraction, mining, dams and their effects on forests and tribal people b. The key aspect of natural resources is that they dictate the survival of humans and other life forms on earth. The following two years saw the government release its hold of the AGC by opting to put in the market half of its share capital in the company. - WorldAtlas 8. This means that jewelery becomes the common form of gold that reaches consumers all around the world. Historical evidence suggests that several organizations were searching for oil in Ghana during the 19th century. There is also the Bogoso gold mine and the Wassa gold mine that is operated by a Canadian company; Golden Star Resources. You should know that diamond is the hardest mineral in the world. Check your inbox to be the first to know the hottest news. The ounces of fine gold would improve to over 1 million fine ounces in the year 1992. We all know that numbers don’t lie right? The reason why gold is used in dentistry is that it is nonallergic and can be shaped easily and will not easily break. 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The report put into light the level of illegal diamonds being smuggled out of the country and being sold in the European markets. The Ghanaian government estimated that on average, the mining industry contributed 5% of the nation's GDP. This page provides the latest reported value for - Ghana … This deal was seen as a stepping stone in the revival of the five existing potlines at the idled Valco smelter, that is said to have a capacity to produce about 120,000 metric tonnes of aluminium per year. Ghana is considered as one of the major exporters of manganese in the world. In 2020, rate of natural increase for Ghana was 21.45 persons per thousand population. Looking at the Ghana map, you will realize Ghana enjoys a multitude of natural resources. If a diamond is brown then it has lattice defects and if it is green then it has been exposed to radiation. Gold, one of Ghana's leading natural resources. Improvement of the economy – natural resources are harnessed and for a country like Ghana, they are exported. Some of the natural resources available in Ghana include gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt and limestone among others. However, a diamond is as hard as it is pure, meaning the purer the diamond the harder it is. Ghanaian farmers grow a wide variety of crops such as yams and sweet potatoes that are mainly grown for subsistence while cocoa, rubber, and sugarcane are primarily grown for the export market. The master budget is the sum total of the company’s budget that includes the allocation of funds to different activities of the business. Well, you might also want to know that 37% of the total exports by Ghana are minerals that are mined in the country. They include; Do you think it was just by chance that the colonialists called Ghana the “Gold Coast” ? Most of the Ghanaian cocoa farmers grow the crop in forested regions such as the Volta and Eastern regions due to the high rainfall received in those areas. The shares bagged a total of 250 million dollars which the government aimed at adding in its development agenda. It evaluates the cost centers within the organization and allocates funds by including different factors. contribution of Renewable Natural Resources (RNR) to the economy and to rural livelihoods. The government has embarked on land reclamation projects to reduce the environmental impact of mining. Manganese has several uses. Ghana was mostly importing cement. These include gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, and limestone. The Ministry of Lands and Natural Resources – The ministry has been tasked with the responsibility of overseeing the smooth running and to create rules that govern the mining industry. Natural resources help develop the country, they attract foreigners and some people go there to have fun and others go to learn. Gold in Ghana. The 18th century saw the gold industry in Ghana grow significantly. Types of Budgets Master Budget. However, if a diamond has some impurities, it becomes coloured. Ghana has vast fish resources made up of both marine fish and freshwater fish. The oil deposits in Ghana are believed to be the 6th largest in Africa. According to the Ghanaian government, gold made up close to 90% of the minerals exported from the country every year. Apart from natural fishing grounds, Ghanaian fishers also obtain fish from fish farms. Renewable:resources that are available in infinite quantity and can be used repeatedly are called renewable resources. A wide pool of natural resources can be found in many parts of the United States and account for the country’s ability to lead the list of the world’s market driven economies of the world. Most diamonds are aged between 1 billion years to 3 billion years old and thus explains their expensive nature. This is the major cause of wasteful exploitation of our natural resources.
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