Mining Sector leads Ghana?s tax regime

Sulemanu Koney
Sulemanu Koney

It is common knowledge that almost all the mining companies in the country are not Ghanaian and that makes it is easy for everyone to believe that all their earnings are taking outside the country to benefit their mother companies or their respective countries.

Sulemanu Koney
Sulemanu Koney

Shockingly, a recent data according to the country?s Chamber of Mines has indicated that producing members of the Chamber returned at least USD 2.8 billion, representing 77.5% of their mineral revenue (USD3.79 billion) through the Bank of Ghana (BoG) and the Commercial Banks in 2014.

This has been ticked as having a significant bearing on the international reserve position of BoG and the stability of the monetary system as a whole.

Records from the Minerals Commission show that Foreign Direct Investment (FDI) inflow into the mining sector in 2014 was USD 950 million, making the mining sector the country?s leading source of FDI.

Cumulatively, the investment inflow into the sector from 2000 to 2014 stood above US$ 8 billion.

These were made known to members of the Journalists for Business Advocacy (JBA) by the Chief Executive Officer of the Ghana Chamaber of Mines, Mr. Sulemanu Koney during a training and capacity building workshop held in Accra recently.

Source: ?Paa Kwesi Agyefi


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