Newmont Africa says that in the first quarter of 2023, its Ghana operations (Ahafo South and Akyem mines) paid a total of GH¢843.72million in taxes, royalties, and levies to government through the Ghana Revenue Authority (GRA), Forestry Commission and Ministry of Finance.
This amount is broken down into Corporate Tax of GH¢514.57million; Minerals Royalties of GH¢197.06million: GH¢78.23million as Pay As You Earn (PAYE); GH¢42.31million as Withholding Tax; and GH¢11.55million as Forestry Levy.
“Fulfilling our obligations in terms of statutory payments, and being transparent about what we pay, is in line with our commitment to regulatory compliance and good corporate governance,” said David Thornton, Regional Senior Vice President-Newmont Africa Operations.
Newmont Africa’s operations in Ghana have a strong tax compliance history, and have received multiple taxpayer recognition from the Ghana Revenue Authority.
“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,” he added.
Apart from the taxes, royalties and levies that go directly to government toward growth and stabilization of the economy, Newmont Africa also focuses on stimulating economic development in the local communities that host its mining operations through a range of programmes and projects which deliver measurable outcomes.
Acknowledging 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 by working through the Ministry of Roads and Highways.
The mines’ investment in skills acquisition and sustainable livelihood programmes also ensure that local community residents are equipped with the employable skills needed in extractive and construction industries.