Chamber of Mines contributes 66% of gold mined in Ghana

Ghana Chamber of Mines has contributed 66 per cent of gold mined in Ghana and as the biggest contributor of taxes to government, President of the Chamber, Mr Kwame Addo Kufuor, has disclosed. 

Speaking at the launch of the chamber’s 90th anniversary celebration in Accra recently, the president of the chamber of mines noted called for the rest of the industry’s 34 per cent to be sanitised.

In 2016, Ghana’s mining sector contributed about GH¢1.6 billion to Ghana Revenue Authority (GRA), representing 15.8 per cent of GRA’s total direct taxes for the year.

Gold Fields and Newmont Ghana were adjudged the largest and second largest taxpayers in Ghana in 2016 by GRA.

The industry accounted for 46 per cent of the country’s gross export revenue in 2016, reinforcing its position as the leading source for forex and a major contributor to the country’s balance of payments.

 

For the first time since 2011, the provisional balance of payments in 2016 recorded a surplus.

 

This largely reflected an improvement in the trade balance driven by a rise in gold export receipts and a fall in oil import prices.

 

Producing members of the chamber returned USD 2.3 billion, representing 71 per cent of their mineral revenue ($3.2 billion) through the Bank of Ghana (BoG) and the commercial banks in 2016.

According to Mr Kufuor: “The chamber recognises the need to explore linkages with other sectors and to support indigenous manufacturing, services and supply companies by moving beyond the legal requirements of local content.

In addition, the chamber deems it necessary to establish and strengthen existing partnerships with other industry associations to broaden the discourse on value creation to spur entrepreneurship in the economy,” he said.

 

Minerals & Mining Matters
…with Freeman KORYEKPOR AWLESU

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