Newmont Africa, the country’s top gold producer, has disclosed that it paid GH¢843.72 million to the Government of Ghana in the first quarter of 2023.
The payment was made through various agencies, such as the Ghana Revenue Authority (GRA), Forestry Commission, and Ministry of Finance. The payment included Corporate Tax of GH¢514.57 million; Minerals Royalties of GH¢197.06 million; GH¢78.23 million as Pay As You Earn (PAYE); GH¢42.31 million as Withholding Tax; and GH¢11.55 million as Forestry Levy.
David Thornton, Regional Senior Vice President of Newmont Africa Operations, said that the company was committed to complying with the regulations and being transparent about its contributions to the state.
He added that Newmont Africa had received several awards from the GRA for its tax compliance record. He also stressed the importance of paying taxes and investing in social programmes, especially in these difficult times.
Newmont Africa operates two gold mines in Ghana: the Ahafo Mine in the Ahafo region and the Akyem Mine in the Eastern region. It is also working on establishing a third mine, the Ahafo North Project, which is still at the project stage. The company is a subsidiary of Newmont Corporation, the world’s leading gold business.
It started commercial production at Ahafo and Akyem in 2006 and 2013 respectively, and employs about 6,700 people directly and indirectly across its operations. Newmont is also involved in exploration activities across Africa and globally.
Apart from paying taxes, royalties, and levies to the government, Newmont Africa also supports economic development in the local communities where it operates. It has funded critical road infrastructure projects in collaboration with the Ministry of Roads and Highways, benefiting many farming communities.
It has also invested in skills acquisition and sustainable livelihood programmes to equip local residents with employable skills for the extractive and construction industries.