Newmont says retains 80% gold earnings in Ghana in 2012

Newmont Ghana Gold says it retained almost 80% of its earnings from gold sales in the country.

This was contrary to some media reports suggesting the company has been keeping all its earnings outside Ghana.

During a Public Accounts Committee (PAC) of Parliament hearing last week, it came up that Newmont Ghana has been granted leave to retain all its earnings outside Ghana without retaining part with the Bank of Ghana (BoG) after it was revealed in the Report of the Auditor-General on the Statement of Foreign Exchange Receipts and Payments of the BoG for the half-year ending June 30, 2012.

In a press statement August 23, 2013, Newmont said its 80% earnings retained in Ghana in 2012 were spent on “corporate taxes, local contractors and vendors, wages and benefits and land access”.

The remaining 20% was spent on offshore debt payments, heavy equipment and other offshore purchases, it added.

The company indicated that it has invested over $2.3 billion in Ghana since it commenced mining operations in the country in 2006.

According to Newmont Ghana, it remains committed to partnering with the government and people of Ghana in its bid to bring sustainable development for all.

“We remain committed to Ghana for the long term and will continue partnering with the government and people to bring sustainable value and opportunity for all our stakeholders,” said Dave Schummer, Senior Vice President of Newmont’s Africa Region.

By Ekow Quandzie