Sunday, 03 March

Q1 2023: Newmont pays GHS843m in taxes to Ghana gov't

Business
Newmont Ghana Limited

Newmont Africa has announced that in the first quarter of 2023, its Ghana operations (Ahafo South and Akyem mines) paid a total of GHS843.72 million in taxes, royalties, and levies to the government of Ghana through the Ghana Revenue Authority (GRA), Forestry Commission, and Ministry of Finance. 

This amount consists of corporate tax (GHS514.57 million), minerals royalties (GHS197.06 million), Pay As You Earn (GHS78.23 million), GHS42.31 million as withholding tax and GHS11.55 million as forestry levy. 

“Fulfilling our obligations in terms of statutory payments, and being transparent about what we pay, are in line with our commitment to regulatory compliance and good corporate governance,” said Mr David Thornton, Regional Senior Vice President, Newmont Africa Operations, in a statement issued by the miner.

Newmont Africa’s operations in Ghana have a strong tax compliance history and the company has received multiple taxpayer recognitions from the GRA. 

“It is important, especially in these challenging times, for companies to honour their obligations to the state, as well to their various stakeholders, through direct payment of their taxes and investment in social programmes,” Mr Thornton added. 

Apart from the taxes, royalties, and levies that go directly to government towards the growth and stabilisation of the economy, Newmont Africa said it also focuses on stimulating economic development in the local communities that host the mining operations, through a range of programmes and projects that deliver measurable outcomes. 

Being cognisant of the key role that road infrastructure plays, particularly in farming communities, Newmont Africa’s operations in Akyem and Ahafo have both funded critical road infrastructure, working through the Ministry of Roads and Highways. 

Newmont's investment in skills acquisition and sustainable livelihood programmes also ensure that local community residents are equipped with employable skills that are needed in the extractive and construction industries

Source: Classfmonline.com