Ghana retains 85% of revenue accrued from mining industry

Kwame KufuorKwame Addo-Kufuor, President of the Ghana Chamber of Mines

Ghana accrued a little over 3.1 billion dollars in revenue from the mining and quarrying sector in 2015.

Of this amount a little over 465 thousand dollars was returned to Ghana through the Bank of Ghana as mandatory surrender.

Mineral revenue returned to the country through commercial banks as voluntary repatriation was a little over 2.1 billion dollars.

Of the total revenue accrued that is 3.1 billion dollars, figures from the Ghana Revenue Authority shows 2.6 billion dollars was returned to Ghana which comes up to 85 percent of the total revenue accrued.

The figures published by the Ghana Chamber Mines shows total fiscal payment from the 3.1 billion dollars amounted to 377.3 million dollars of which a little over 130 million dollars went into mineral royalties, 124 million dollars into corporate tax.

108 million dollars went into Employee Income Tax Payments (PAYE) while 234 thousand dollars went into other taxes, meanwhile dividends paid to the state amounted to 13 million dollars and property rate payments amounted to 978 thousand dollars.

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