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Tuesday, 14 February 2012

Boosting economic growth in West Africa

According to a recent report of the World Bank, mining companies can boost economic growth in West Africa by purchasing more equipment, supplies and services from local businesses. The report focuses on Ghana, Guinea and Senegal.
Entitled “Increasing Local Procurement by the Mining Industry in West Africa”, the report shows that raising the share of local procurement by mining companies would spread the benefits of mining more evenly across a country’s economy, creating jobs and stimulating the sustainable development of local enterprises.
The report recommends that West African governments work with mining companies, suppliers, and civil society to strengthen definitions and indicators for measuring local procurement, and that mining companies develop and implement local procurement plans.
Mining is an economic engine for West Africa, which supplies about nine percent of the world’s bauxite, and eight percent of its gold. Regional organizations that are involved in coordinating, advocating, or setting standards for mining policy, receive financial support of the EU.

Source: World Bank