Mining companies in Ghana pay GH¢463b corporate tax in 2015

The Mining Industry last year, paid GHȼ463.12 billion in taxes to the Ghana Revenue Authority (GRA), Mr. Sulemanu Koney, Chief Executive Officer (CEO) of the Chamber of Mines, has announced.

The figure, he said, represented 14.8 percent of the GRA’s total direct taxes and comprised – mineral royalties, pay as you earn (PAYE) and other taxes.

It also accounted for 31 per cent of the gross export revenue – reinforcing its position as the leading source of foreign exchange.

Mr. Koney was speaking at a seminar held for selected journalists at Abesim, near Sunyani, to sensitize and aid them to have a better understanding of the work of the chamber.

It brought together about 50 participants drawn from both the print and electronic media in eight municipalities and 19 districts in the Brong-Ahafo Region.

Mr. Koney noted that mining’s contribution to the economy had been substantial – putting total foreign direct inflows from the sector at $950 million, in 2015.

He therefore underlined the need for the government not only to adopt an integrated approach to mining taxation but to also come out with a Minerals Revenue Management Act.

He expressed worry about unrestrained illegal mining and said that was a huge challenge, which needed to be tackled head-on.

Mr. Koney called for the media to put a spotlight on the utilization of minerals revenue to ensure that mining communities derived optimal benefits.

This, he noted, would help to ease the tension and confrontation often seen between the people in mining communities and the mining companies.

He announced that between year 2011 and 2015, the sector spent GHȼ160,792,149.00 on corporate social responsibility.

Mr. Kwame Agbeko Azumah, the Communication Manager of Newmont Gold Ghana Limited (NGGL), Ahafo Mine, said the Newmont Ahafo Development Foundation (NADeF), the company’s flagship social responsibility tool had accumulated $25 million since it was established in 2008.

Source: GNA