{"id":443742,"date":"2017-12-05T05:09:41","date_gmt":"2017-12-05T05:09:41","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/"},"modified":"2017-12-05T05:09:41","modified_gmt":"2017-12-05T05:09:41","slug":"mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/","title":{"rendered":"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday,  5 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>todaygh.com<\/p>\n<p>2017-12-05<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/09\/12207769.295.jpg\" alt=\"Sulemanu Koney\" title=\"Sulemanu Koney\" width=\"295\" height=\"161\" \/><span class=\"image_caption\"><span>Sulemanu Koney, Chief Executive Officer, Ghana Chamber of Mines<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1512450581_362_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\">Statistics released by the Ghana Chamber of Mines shows that the mining sector contributed about US$1.59 billion (70.8%) to the national economy between the years\u20142012 to 2016.  <\/p>\n<p>\u201cOn the average, more than US$ 2.5 billion is spent annually on non-labour inputs, of which US$ 1.59 billion (70.8%) is spent in country as the distribution of Mineral Revenue to the Ghana Revenue Authority between the years- 2012-2016,\u201d Chief Executive Officer of the Ghana Chamber of Mines, Mr Sulemanu Koney, has revealed.<\/p>\n<p>Speaking in an interview with Today on the side-line of the launch of an online portal by the Ghana Chamber of Mines to provide information to industry players on opportunities available to local businesses, Mr Koney noted that the mining sector in Ghana contributed significantly to the Ghanaian economy in 2016 fiscal year.<\/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. He told journalists in Accra recently that: \u201cThe sector contributed about GH\u00a21.6 billion to the GRA, representing 15.8 per cent GRA\u2019s total direct taxes for the year.<\/p>\n<p>He mentioned that the mining sector was the leading tax payer and contributor to GRA\u2019s domestic collections in 2016, adding that the sector contributed about GH\u00a21.64 billion to GRA, representing 15.8% of GRA\u2019s Total Direct Taxes in 2016. \u201cGold Fields and Newmont Ghana Gold Limited (NGGL), member companies of the Chamber, were adjudged the largest and second largest tax payers respectively in Ghana in 2016 by GRA,\u201d he mentioned.<\/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. \u201cFor the first time since 2011, the provisional balance of payments in 2016 recorded a surplus.<\/p>\n<p>This largely reflected an improvement in the trade balance driven by a rise in gold export receipts and a fall in oil import prices. \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. \u201cThis has significant bearing on the international reserve position of BoG and the stability of the monetary system as a whole,\u201d he added.<\/p>\n<p>He, therefore, asked the government to ensure efficiency in the management of mineral resources. \u201cThe government should enact a law for the management of mineral revenue to promote sustainability and efficiency in the expenditure of revenue attributable to mining. \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>He urged the government to put in place the required structure to support the implementation of Act 912 to facilitate development.<\/p>\n<p><!-- uploaded by: 32 updated by: -1 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\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>Business News of Tuesday, 5 December 2017 Source: todaygh.com 2017-12-05 Sulemanu Koney, Chief Executive Officer, Ghana Chamber of Mines Statistics released by the Ghana Chamber of Mines shows that the mining sector contributed about US$1.59 billion (70.8%) to the national economy between the years\u20142012 to 2016. \u201cOn the average, more than US$ 2.5 billion is [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":416777,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-443742","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mining sector contributes US$ 1.59 billion to national economy from 2012-2016 - 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\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Tuesday, 5 December 2017 Source: todaygh.com 2017-12-05 Sulemanu Koney, Chief Executive Officer, Ghana Chamber of Mines Statistics released by the Ghana Chamber of Mines shows that the mining sector contributed about US$1.59 billion (70.8%) to the national economy between the years\u20142012 to 2016. \u201cOn the average, more than US$ 2.5 billion is [&hellip;]\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016\",\"datePublished\":\"2017-12-05T05:09:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/\"},\"wordCount\":511,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/\",\"name\":\"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016 - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-12-05T05:09:41+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/05\\\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016 - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/","twitter_card":"summary_large_image","twitter_title":"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016 - Ghanamma.com","twitter_description":"Business News of Tuesday, 5 December 2017 Source: todaygh.com 2017-12-05 Sulemanu Koney, Chief Executive Officer, Ghana Chamber of Mines Statistics released by the Ghana Chamber of Mines shows that the mining sector contributed about US$1.59 billion (70.8%) to the national economy between the years\u20142012 to 2016. \u201cOn the average, more than US$ 2.5 billion is [&hellip;]","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/"},"author":{"name":"","@id":""},"headline":"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016","datePublished":"2017-12-05T05:09:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/"},"wordCount":511,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/#primaryimage"},"thumbnailUrl":"","articleSection":["Local News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/","url":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/","name":"Mining sector contributes US$ 1.59 billion to national economy from 2012-2016 - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2017\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/#primaryimage"},"thumbnailUrl":"","datePublished":"2017-12-05T05:09:41+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2017\/12\/05\/mining-sector-contributes-us-1-59-billion-to-national-economy-from-2012-2016\/#primaryimage","url":"","contentUrl":""},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2017\/#website","url":"https:\/\/www.ghanamma.com\/2017\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2017\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/posts\/443742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/comments?post=443742"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/posts\/443742\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/media?parent=443742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/categories?post=443742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/tags?post=443742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}