{"id":623799,"date":"2019-05-23T14:04:03","date_gmt":"2019-05-23T14:04:03","guid":{"rendered":"<br><div>\n<figure class=\"fff post-thumbnail\" itemprop=\"associatedMedia\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><img class=\"post_layout_5_img\" src=\"https:\/\/cdn.ghana-mma.com\/2019\/05\/gold-mining.jpg\" alt=\"Ghana lost $14.1m in 2018 over six mi"},"modified":"2019-05-23T14:04:03","modified_gmt":"2019-05-23T14:04:03","slug":"ghana-lost-14-1m-in-2018-over-six-mining-firms-failure-to-pay-govt-dividends","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/05\/23\/ghana-lost-14-1m-in-2018-over-six-mining-firms-failure-to-pay-govt-dividends\/","title":{"rendered":"Ghana lost $14.1m in 2018 over six mining firms&#8217; failure to pay gov&#8217;t dividends"},"content":{"rendered":"<p><\/p>\n<div>\n<figure class=\"fff post-thumbnail\" itemprop=\"associatedMedia\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><img decoding=\"async\" class=\"post_layout_5_img\" src=\"https:\/\/cdn.ghanamma.com\/2019\/05\/gold-mining.jpg\" alt=\"Ghana lost $14.1m in 2018 over six mining firms\u2019 failure to pay gov\u2019t dividends \u2013 iWatch Africa\"\/><\/figure>\n<p>Civil society organisation, iWatch Africa has claimed that the failure of some six mining companies to pay dividends due Ghana deprived the nation of potential revenue amounting to <span style=\"text-decoration: underline;\"><strong>$14,148,373<\/strong><\/span> as of October 2018.<\/p>\n<p>The government of Ghana under Section 43 of the Minerals and Mining Act of 2006, Act 732, has 10% Carried Interest in all mining companies registered under the Companies Act of 1963.<\/p>\n<p>These companies are required to submit, on annual basis, their returns to the Registrar General\u2019s Department and the Minerals Commission as well as conduct annual self-assessment and submit same to the Ghana Revenue Authority for tax purposes.<\/p>\n<p>iWatch Africa on it\u2019s website said it\u2019s review of the financial statements of these mining companies: Chirano, Adamus, Gold Fields Abosso, Persus Mining, Ghana Manganese and Ghana Bauxite revealed that although in certain instances, they declared profits, they failed to transfer dividends attributable to the government.<\/p>\n<p>\u201cFurther checks by iWatch Africa at the Auditor General\u2019s office also showed that these companies failed to obtain the needed prior approval from the Ministry of Finance for the plough back of the profit,\u201d the CSO added on its website.<\/p>\n<p>The Auditor General, Mr. Daniel Yaw Domelevo in his 2018 report revealed the absence of government representation on the boards of these mining companies, despite government ownership of 10 percent carried interest.<\/p>\n<p>According to the Auditor General, this \u201cinhibits oversight functions and possible cause for cost manipulation by the mining companies.\u201d<\/p>\n<p>\u201cAnother concern noted by iWatch Africa when reviewing the financial statements of these companies was the staggering losses recorded by almost all the companies between 2013 to 2016.\u201d<\/p>\n<p>The table below shows the profit\/loss after tax (PAT), dividends declared and potential revenue due the state between 2013 and 2016.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-516642\" src=\"https:\/\/cdn.ghanamma.com\/2019\/05\/statement2.png\" alt=\"\" width=\"904\" height=\"549\"  \/><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-516643\" src=\"https:\/\/cdn.ghanamma.com\/2019\/05\/statement1.png\" alt=\"\" width=\"905\" height=\"529\"  \/><\/p>\n<p>\u00a0<\/p>\n<p><span class=\"ctx-article-root\"\/>  <\/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>Civil society organisation, iWatch Africa has claimed that the failure of some six mining companies to pay dividends due Ghana deprived the nation of potential revenue amounting to $14,148,373 as of October 2018. The government of Ghana under Section 43 of the Minerals and Mining Act of 2006, Act 732, has 10% Carried Interest in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":623800,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-623799","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 lost $14.1m in 2018 over six mining firms&#039; failure to pay gov&#039;t dividends - 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\/2019\/05\/23\/ghana-lost-14-1m-in-2018-over-six-mining-firms-failure-to-pay-govt-dividends\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ghana lost $14.1m in 2018 over six mining firms&#039; failure to pay gov&#039;t dividends - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Civil society organisation, iWatch Africa has claimed that the failure of some six mining companies to pay dividends due Ghana deprived the nation of potential revenue amounting to $14,148,373 as of October 2018. 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