Pulse.com.gh logo
Go


Chamber of Mines Mining pays GHC463.12 billion in corporate tax

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

  • Published:

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 US$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 US$25 million since it was established in 2008.

 

Credit: GNA

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Breaking Otabil finally breaks silence on banking controversiesbullet
2 Capital Bank Collapse Here are the roles of a non-executive board chairbullet
3 Nana Appiah Mensah Menzgold boss apologises to BoG after Twitter rantbullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Bank Collapse Capital Bank Board misused GHC 610 million from...bullet
6 Banking Crises Sahel Sahara and Omni Bank become latest to mergebullet
7 Collapse Bank Here’s what former staffs of Capital Bank are...bullet
8 Increment Fuel prices to go up again – IESbullet
9 Collapsed Banks Here are the auditing firms for the 7...bullet
10 Banks Collapse Gov’t to take action against those...bullet

Top Videos

1 Former Capital Bank staff grills pork for survivalbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Money Alert Meet Africa's richest womanbullet
5 Support Finance minister buys Kantanka carbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
8 Tech 6 reasons you should buy an iPhone SE instead of any...bullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business