Newmont pays GHS 2.76 billion as 2022 full-year tax to Government of Ghana

Newmont Africa has announced that its Ghana operations (Ahafo South and Akyem mines) paid a total of GHS 2.76 billion in taxes, royalties, levies, and carried interest to the Government of Ghana in 2022, through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance.

For the full year (2022), Newmont Africa paid GHS 1.53 billion as Corporate Income Tax, GHS 548.3 million as Mineral Royalties, GHS 261.3 million as Pay As You Earn, GHS 164.5 million as Withholding Tax, GHS 222.1 million as Carried Interest, and GHS 35.5 million as Forestry Levy.

In the last quarter of the year (September to December of 2022), Newmont Africa’s payment to government amounted to GHS 1.04 billion, across the two operations.

Breaking it down by operation, Newmont Africa’s Regional Chief Financial Officer, Danquah Addo-Yobo, said, “the Ahafo operation contributed GHS 1.22 billion for the year while the Akyem operation contributed GHS 1.54 billion.”

“Over the years, Newmont Africa has been recognised as a compliant and significant tax payer in Ghana, and has been duly acknowledged as such by the Ministry of Finance and its revenue agency, the Ghana Revenue Authority.”

Beyond meeting its tax obligations to the government, Newmont Africa also supports the nation’s growth through employment opportunities, local supply chain development, and social investment, among others.

Newmont Africa played, and continues to play a major role in the government’s gold purchasing programme, designed to shore up the country’s gold reserves and help stabilize the national currency.

About Newmont Africa

Newmont Africa is the country’s leading gold producer and operates two gold mines: the Ahafo Mine in the Ahafo region, and the Akyem Mine in the Eastern region. It is in the process of establishing a third mine, which is currently at the Project Stage – the Ahafo North Project. The company is a subsidiary of Newmont Corporation, the world’s leading gold business.

Commercial production at Ahafo and Akyem began in 2006 and 2013, respectively, and currently has about 6,700 employees, directly and indirectly across its operations. Newmont is actively involved in exploration activities across the African continent, and globally. For more information please visit; www.newmont.com