FDI inflows into Ghana’s mining sector between 1983-2011 hit $6.2b – Dr Aubynn

Foreign direct investment inflows into the mining sector in Ghana between 1983 to 2011 is estimated to be $6.2 billion, according to the Chief Executive of the Ghana Chamber of Mines.

The FDIs were said to have come from production, exploration and support services companies in the sector.

Dr Aubynn disclosed this in Kumasi at a day’s seminar held for some selected journalists, the Ghana News Agency reported today July 5, 2012.

The mining sector, since 2000, had remained the leading foreign exchange earner, accounting for an annual average of 38%, the report said citing Dr Aubynn.

Ghana’s mining sector received investment inflows of $780 million in 2011, the Chamber said citing official figures from the Minerals Commission.

The sector last year contributed a total of GH¢1.645 billion in tax revenue for the country and is ranked number one taxpayer and highest contributor to the Ghana Revenue Authority, according to the Chamber’s mining report for 2011.

By Ekow Quandzie