The Minority in Parliament has sharply criticized the GoldBod Act, labeling it as anti-investor.
They condemned the Act’s restriction on foreign investors in the gold trading sector, arguing that it is unconstitutional.
In a letter to the Finance Minister, the Minority contended that Section 78(4) of the GoldBod Act violates Article 107(b) of the 1992 Constitution, as it retroactively revokes the accrued rights of foreign investors in the industry.
Economic repercussions
The letter also highlighted the potential economic repercussions of recent policies affecting the gold sector.
Key demands
The Minority called on the government to:
- Renew pending lease applications to safeguard investor interests.
- Introduce fiscal incentives for the mining sector to attract further investment.
- Engage with mining investors to ensure compliance with key obligations.
Read The Full Letter
