Revenue of Mining Companies Hi $3.68Bn

Mining companies operating in the country produced 2.81 million ounces, up from 2.54 million ounces in 2016, representing a 11 percent increase.

Kwame Addo Kufuor, President of the Chamber Mines who disclosed this at the 90^th Annual General Meeting of the Ghana Chamber of Mines in Accra said that the total realized revenue of the producing member companies of the Chamber was $3.68 billion in 2017, representing an increase of 13 percent.

According to him, the rise is due to the growth in production and modest increase in the traded price of gold.

“Total spend by producing member companies on goods and services procured from in-country suppliers and manufacturers, was $1.23 billion in 2017. This represents 34 percent of realized mineral revenue and an increase on the preceding years spending,” he stressed.

Fiscal Performance

The minerals and mining sector retained its position as the foremost source of direct domestic revenue mobilized by the Ghana Revenue Authority (GRA) last year.

The total mining fiscal receipts mobilized by the GRA increased by 31 percent from GH¢1.65 billion in 2016 to GH¢2.16 billion in 2017.

Touching on this, Mr. Addo Kufuor said the fiscal performance of the mining sector has been impressive because “all categories of payments by mining companies recorded year-on year increases, and secondly corporate income tax receipts continue to exceed royalty payments.”

He said the sectors corporate tax receipts increased by 39 percent from GH¢696.9 million in 2016 to GH¢969.6 million in 2017, while mineral royalty also increased by 28 percent, to GH¢702.4.

Handing Over Ceremony

A handing over ceremony was held at the Annual General Meeting, where new executives were inducted into office.

Mr. Eric Asubonteng former Vice President of the Chamber, now takes over from Mr. Kwame Addo Kufuor as the President of Ghana Chamber of Mines.

Delivering his acceptance speech, he commended all past and present executives for working diligently in maintaining and improving the positive contribution and impact of the minerals sector.

“It is a privilege and honour to be taking on this very important role as President of the Ghana Chamber of Mines. For many years it has been the leading minerals Chamber in the sub-region and a global powerhouse for minerals production.

There remains more to be done, as we continue to explore how best we can strengthen our partnerships with our host our governments and stakeholders in promoting an industry that benefits all stakeholders in a balanced and sustainable manner. It is for this reason that I accept this position with all humility,” he said.

By: Emmanuel Yeboah Britwum