Newmont Africa has proudly disclosed its substantial fiscal contributions during the initial half of 2023. The company’s operations in Ghana, encompassing the Ahafo South and Akyem mines, have made a noteworthy contribution of GH¢2.046 billion in taxes, royalties, and carried interest to key governmental bodies such as the Revenue Authority, Forestry Commission, and Finance Ministry.
As of June 2023, Newmont Africa’s financial contributions break down as follows: GH¢1,313.99 million as Corporate Tax, GH¢362.79 million as Mineral Royalties, GH¢210.29 million as Pay As You Earn, GH¢73.62 million as Withholding Tax, GH¢67.33 million as Carried Interest, and GH¢18.28 million as Forestry Levy.
The substantial contributions from the company’s two active operations are as follows: the Ahafo South operation accounting for GH¢1,385.97 million and the Akyem operation contributing GH¢660.33 million over the course of the first half of the year.
Danquah Addo-Yobo, Chief Financial Officer of Newmont Africa, underscored the company’s resolute commitment to transparent tax practices. He affirmed, “Newmont Africa’s enduring commitment lies in creating value through consistent and timely tax payments, local sourcing, investments in community development initiatives, and the generation of both direct and indirect employment.”
Acknowledging the significance of its role within host communities, Addo-Yobo elaborated, “We acknowledge the importance of our contribution to the regions in which we operate. By means of our foundations and direct financial support from our operations, we have made substantial investments in sectors like healthcare, security services, education, and infrastructure within our host communities. This exemplifies our dedication to generating value from our business activities.”
Over the years, Newmont Africa has consistently demonstrated its status as a responsible corporate entity, steadfastly upholding its tax obligations while simultaneously contributing to Ghana’s economic growth. The company’s dedication extends to both fiscal responsibilities and community enhancement, setting an inspiring precedent for mining companies to actively drive positive transformation.
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Source : Joy News