Ghana Earned GH¢2.16 Billion From Mining Revenue in 2017

CEO, Ghana Chamber of Mines, Sulemanu Koney 

Accra, Ghana, November 26, 2018//-Statistics from the Ghana Revenue Authority (GRA) revealed that the country has earned GHȻ 2.16 billion from mining revenue in 2017 as against GH¢1.65 billion in 2016.

In nominal terms, the mining and quarry sector’s fiscal payments to GRA increased by 31% year-on-year from GHȻ 1.65 billion in 2016 to GHȻ 2.16 billion    in 2017.

The statistics also indicated that all streams of fiscal revenue attributable to the mining and quarrying sector in 2017 improved over those recorded in 2016.

Specifically, corporate income tax receipts from GHȻ696.9 million in 2016 to GHȻ969.6 million in 2017 while mineral royalty revenue grew from GHȻ550.7 million to GHȻ702.4 million over the same period. These represent an increment of 39 percent and 28 percent respectively.

Furthermore, other forms of taxes collected by the GRA which officially classified as self-employed also increased from GHȻ0.54 million in 2016 to GHȻ0.78 million in 2017. This translates into a growth rate of 44 percent.

Particularly, employee income tax (pay-as-you-earn) increased by 22 percent to GHȻ487.9 million in 2017 as compared to GHȻ399.9 million in 2016.

While Direct Domestic Tax receipts from 15.8% in 2016 jumped to 16.3% in 2017, according to the 2017 Annual Report of the Ghana Chambers of Mines.

In terms of share of total direct domestic revenues collected by GRA, the mining and quarry sector accounted for GHȻ16.3 percent of those revenues in 2017.

“It is a marginal 0.5 percentage point improvement over the 15.8 percent recorded in 2016. The sector’s strong fiscal performance in 2017 could partly be ascribed to a combination of growth in production by large-scale producers and increases in gold prices”, the report stated.

African Eye Report

 

 

 

 

 

 

 

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