The minerals and mining sector contributed 1.35 billion cedis to the national economy in 2015 according to records from the Ghana Revenue Authority.
This represents an 8 % increment compared to the 1.24 billion cedis recorded in 2014 thus positioning the sector as the leading source of fiscal revenue for the country.
The sector’s statutory payments comprised 463.12 million cedis in corporate taxes, 485.6 million cedis in royalties, 404.74 million cedis in PAYE and 0.87 million cedis in other taxes.
According to the Bank of Ghana , the sector was the leading source of foreign exchange in 2015 , contributing in excess of 31 percent of total merchandise exports .
Volume and proceeds from export fall
Meanwhile proceeds from the exports of minerals reduced from 3.94 billion dollars in 2014 to 3.39 billion in 2015.
The GFMS Gold survey (2016) reports that total gold output in Ghana reduced to 95 tons in 2015, relative to the 107 tons recorded in 2014 mainly due to the suspension of mining by Anglogold Ashanti and the power crisis that hit the country.
Outlook of the mineral sector in 2016
According to the President of the Ghana Chamber of Mine Kwame Addo-Kufuor, "the price of gold is expected to remain under pressure for most part of 2016 as the US Federal Reserve Bank eases its quantitative monetary programme".
In Ghana , fresh output from Asanko mine and Golden star Wassa's underground mine is expected to increase the gold industry's output in 2016.