{"id":419506,"date":"2017-09-18T03:06:31","date_gmt":"2017-09-18T03:06:31","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/09\/18\/ghana-earned-gh%c2%a21-6bn-from-mining-sector-in-2016\/"},"modified":"2017-09-18T03:06:31","modified_gmt":"2017-09-18T03:06:31","slug":"ghana-earned-gh%c2%a21-6bn-from-mining-sector-in-2016","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/09\/18\/ghana-earned-gh%c2%a21-6bn-from-mining-sector-in-2016\/","title":{"rendered":"Ghana earned GH\u00a21.6bn from mining sector in 2016"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The mining sector in Ghana contributed significantly to the Ghanaian economy in 2016 fiscal year, the Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney, has revealed.<\/p>\n<p>According to him, the sector, in 2016, contributed about GH\u00a21.6 billion to the Ghana Revenue Authority (GRA), representing 15.8 per cent of the GRA\u2019s total direct taxes for the year.<\/p>\n<p>He told members of the Journalists for Business Advocacy at a forum in Accra that: \u201cThe sector contributed about GH\u00a2\u00a01.6 billion to the GRA, representing 15.8 per cent GRA\u2019s total direct taxes for the year. Mining was the leading tax payer and contributor to GRA\u2019s domestic collections in 2016. It contributed about GH\u023b 1.64 billion to GRA, representing 15.8% of GRA\u2019s Total Direct Taxes in 2016.<\/p>\n<p><!-- \/1002554\/Myjoyonline.com_InArticle_300x250 --><\/p>\n<p>\u201cGold Fields and Newmont Ghana, member companies of the Chamber, were adjudged the largest and second largest tax payer in Ghana in 2016 by GRA.\u201d<\/p>\n<p>He added: \u201cThe industry accounted for 46% of the country\u2019s gross export revenue in 2016, reinforcing its position as the leading source for forex and a major contributor to the country\u2019s balance of payments.<\/p>\n<p>\u201cFor the first time since 2011, the provisional balance of payments in 2016 recorded a surplus. This largely reflected an improvement in the trade balance driven by a rise in gold export receipts and a fall in oil import prices.<\/p>\n<p>\u201cProducing members of the Chamber returned USD 2.3 billion, representing 71% of their mineral revenue (USD3.2 billion) through the Bank of Ghana (BoG) and the commercial banks in 2016.<\/p>\n<p>\u201cThis has significant bearing on the international reserve position of BoG and the stability of the monetary system as a whole.\u201d<\/p>\n<p>He therefore asked the government to ensure efficiency in the management of mineral resources.<\/p>\n<p>\u201cThe government should enact a law for the management of mineral revenue to promote sustainability and efficiency in the expenditure of revenues attributable to mining.<\/p>\n<p>\u201cWhile government recently enacted a law (Minerals Development Fund Act, 2016, Act (912) ) to govern the transfer of mineral royalty revenue to the District Assemblies (DA), its provisions are yet to be implemented after more than a year of the President\u2019s assent: Constitution and inauguration of Board, Establishment of Mining Community Development Scheme.<\/p>\n<p>\u201cWe urge the government to put in place the required structure to support the implementation of Act 912 to facilitate development,\u201d he stated.<\/p>\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining sector in Ghana contributed significantly to the Ghanaian economy in 2016 fiscal year, the Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney, has revealed. According to him, the sector, in 2016, contributed about GH\u00a21.6 billion to the Ghana Revenue Authority (GRA), representing 15.8 per cent of the GRA\u2019s total direct [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":411022,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-419506","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana earned GH\u00a21.6bn from mining sector in 2016 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/09\/18\/ghana-earned-gh\u00a21-6bn-from-mining-sector-in-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ghana earned GH\u00a21.6bn from mining sector in 2016 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The mining sector in Ghana contributed significantly to the Ghanaian economy in 2016 fiscal year, the Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney, has revealed. 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