Gold Fields Ghana maintains position as the countryâ€™s largest taxpayer at Ghana Club 100
Source: Ghana | Myjoyonline.com Date: 23-10-2013 Time: 12:10:36:pm
For the fourth consecutive year Gold Fields Ghana has been announced as the leading taxpayer in the country, paying over US$250-million in corporate taxes, dividends and royalties to government last year.
The company, which operates the Tarkwa and Damang mines in the Western Region, received recognition for this achievement at the annual Ghana Club 100 awards ceremony held on Friday, October 18, 2013.
Under the theme “Promoting good corporate governance and innovative entrepreneurship”, the Ghana Club 100 also recognised Gold Fields Ghana as the “Second Best Company” overall as well as “The biggest company in the country”. Abosso Goldfields, Damang, was ranked 11th amongst the 100 Best companies.
Alfred Baku, Gold Fields’ Senior Vice President and Head of West Africa, noted that Gold Fields contributes significantly to Ghana’s economy not only through tax, dividend and royalty payments, but also by way of direct and indirect employment. He acknowledged the challenges within the mining sector, but pledged the company’s firm commitment to all of its stakeholders, including government, communities, employees, and investors.
He said: “Several external factors, notably the lower gold price, have compelled us to look critically at our operations, locally and globally. We are having to make tough decisions to ensure that we remain both operationally sustainable and profitable. That is the only way we can keep making significant contributions to government, attract investment for growth and expansion, take care of our communities, and fulfill our commitment to our employees and other stakeholders.”
Gold Fields Ghana, through its Foundation, has invested over US$24-million in community projects in the areas of health, water and sanitation, education and infrastructure. It has also made major contributions to sporting and environmental sponsorships. The company’s total investment in Ghana, since the mid-1990s, is over US$2.4-billion.
About Gold Fields Ghana
Gold Fields Ghana is the largest gold producer in Ghana. It operates two mines, Tarkwa and Damang in the Western Region of Ghana. Tarkwa and Damang have gold reserves of 10mtpa and 4mtpa respectively and they are forecast to produce about 750,000 ounces in 2013.
About Ghana Club 100
The Ghana Club 100 is a yearly official list of the top 100 companies in Ghana. The compilation was first done in 1998 by the Ghana Investment Promotion Centre (GIPC) with the aim of recognising the top 100 companies and to encourage competition and improvement of company products and services in the country. The Ghana Club 100 serves as a benchmark to corporate excellence and companies selected into membership of the Club become role models for the private sector and provide a forum for corporate Ghana to interact with government at a high level.