The Ghana Mineworkers Union (GMWU) on Monday urged management of mining companies, to plan ahead in order to contain the shocks of the cyclic falling gold prices on the world market.

Mr Prince William Ankrah, GMWU General Secretary, said study had shown that within the space of every decade, prices of gold and other precious minerals usually fall which often brings critical challenges to players in the industry.

He said it is only when businesses grow that the economy of the nation would flourish, but if the gap between the poor and the rich increases it leads to social problems.

Mr Ankrah, who was speaking at the GMWU National Executive Committee (NEC) meeting to deliberate on the challenges in the mining sector, said the situation requires that players in the mining sector reposition themselves in the face of possible mines closure and redundancies.

He suggested that in the years of soaring prices of gold and other precious minerals, the mining companies should be able to invest their earnings to enable them adequately prepare for the year of falling prices.

Mr Ankrah in the past Germans went through similar situations but they were able to adjust themselves and they did not experience any closure of mines or redundancies.

He said mining companies must learn their lessons now and adjust to the situation.

The GMWU General Secretary said government had a part to play in the face of the falling gold prices to salvage mining firms, adding that in the United States, the government was able to bail out companies in the face of the global economic meltdown.

He said job creation is one of the critical factors voters look at in deciding who governs them. Mr Ankrah said GMWU with 19,150 union staff members play a major role in the economic development of the nation.

Mr Mensah Kwarko Gyakari, GMWU Chairman said the mining industry is going through tough times; hence most of the industrial players are embarking on redundancy, which have serious implication on members. On the first day of the two day meeting 23 new NEC members from various branches were inducted into office.