The Ghana Revenue Authority lauded Newmont Ghana Gold Limited the company for its “tremendous” contribution to national development over the years.
This was at an award ceremony held in Accra to honour staff and stakeholders of the GRA.
A citation presented to Newmont Ghana Gold Limited read: “Your total contribution to total domestic tax Revenue in Ghana was very impressive across all tax types in the face of the economic hardship. In fact, your compliance level in the 2016 year of assessment was overwhelming. You were always on time in terms of payment of taxes and filing of returns.”
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The GRA lauded the company for its “tremendous” contribution to national development over the years.
Chief Financial Officer - Newmont Africa, Kwame Addo-Kufuor, said they will continue to play their expected role in Ghana’s socio-economic development.
“We recognise our role as partners in Ghana’s socio-economic development and it’s always a great pleasure to contribute our quota in that regard. We have collaborated over the years with our communities and other stakeholders to pursue this purpose and it’s great to know that our collective efforts are helping to increase the overall revenue of the country.”
In 2016, Newmont Ghana paid about $90M in taxes and royalties to the Government of Ghana through the GRA. The payments were made up of $13M in Withholding Tax, $18M in Pay As You Earn, $24M in Corporate Income Tax, $31M in Mineral Royalty and $4M in Forestry Levy.
Since 2004, Newmont Ghana has invested more than $2.9 billion in the country, including over $970 million paid to the Government in taxes, royalties and other levies. Apart from these financial contributions, the company also supports the nation’s socio-economic development through employment opportunities and other social investments.
Addo-Kufuor added that: “There is still opportunity to do more. We look forward to continuing to work with the Government and other partners to promote the country’s sustainable development and create long-term value for all our stakeholders.”