GREL to possibly lose €550,000 if illegal miners are not stopped - Report

GREL to possibly lose €550,000 if illegal miners are not stopped - Report

- The Ghana Rubber Estate Limited (GREL) has indicated it could lose about €550,000 because of the activities of illegal miners

- It added that the cost could increase to about €3.5 million in the next 30 years if the situation continues

- The company has called for condemnation of the act and measures to ensure the perpetrators are penalised

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YEN.com.gh has learned that the Ghana Rubber Estate Limited (GREL) could lose about €550,000 due to the activities of illegal miners.

According to the company, its investments from 2010 till 2020 could yield no returns if measures to stop the practice are not implemented.

The Corporate Affairs Manager of the company, Perry Acheampong, noted that the company could lose about €3.5 million in income in the next 30 years if the activities of the miners, popularly known as galamsey, are not brought to an end.

GREL to possibly lose €550,000 if illegal miners are not stopped - Report
Lionel Barre, Managing Director of GREL Source: YouTube
Source: UGC

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Per a report by thebftonline.com, Perry Acheampong said “the forceful take-over of GREL lands by several communities for galamsey activities is an act of illegality that has to be condemned, and the instigators or perpetrators brought to book."

He further indicated that such activities place GREL at risk since the availability of land forms a core component of its existence.

On that score, the company hopes that the necessary steps will be taken to address this problem so as to sustain the rubber industry in Ghana.

In other news, clients of the defunct MyBank Financial Services have besieged the premises of the company to demand their deposits.

The protesters made up mostly of petty traders, small scale farmers, and pensioners, stated that they are disappointed in the managers of the company with respect to their actions.

They said they have petitioned the Board of Directors of the company for a refund of the funds but their efforts have yielded no results.

READ ALSO: 7 state-owned enterprises to benefit from GHc300 million package from CBG

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Source: Yen

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