Newmont Ghana is the most outstanding corporate taxpayer

For its compliance and commitment to the payment of the right tax due government, Newmont Ghana has been awarded the most outstanding corporate taxpayer for 2011.

In 2011, Newmont Ghana paid more than $152 million (GH¢ 241 million) to the Large Tax Payers Unit of the Internal Revenue Service.

The amount paid included payments on corporate tax, income tax, stabilization levy and withholding tax.

The Ghana Revenue Authority (GRA) in recognition of its tax payment compliance cited Newmont Ghana as “demonstrating good corporate citizenship in the prompt payment of its taxes”.

A statement issued by Newmont Ghana in Accra on Thursday quoted Mr Dave Schummer, Senior Vice President, Africa Operations as saying: “We appreciate being recognised by the GRA for our commitment to this aspect of our business and we look forward to continue to work with the Government and affected communities to enhance the long-term benefits of our operations to Ghana and Ghanaians.”

A study by Professor Ethan Kapstein, a renowned political economist and sustainable development expert, shows that Newmont Ghana’s Ahafo Mine, in 2009 was a major contributor to Ghana's economy, generating nearly 10 per cent of the nation's total exports (USD 528 MM) and about 4.5 per cent of its total foreign direct investment in 2009.

This directly and indirectly supported about $174 million of Value Added, some 48,000 jobs in Ghana and played a significant developmental role in the communities around the Ahafo mine in 2009 alone.

It also provided 99 local companies with nearly $6 million in contracts and thereby supported more than 400 jobs, not including direct mine employment.

In 2006, Newmont Ghana in partnership with 10 communities around the Ahafo Mine area signed an agreement to contribute $1 per ounce of gold sold and one per cent of annual net profit from its mining operation into a fund for the sustainable development of the company’s host communities.

The fund, Newmont Ahafo Development Foundation (NADeF), has so far accumulated about $8million for sustainable development projects, including community libraries, schools, teachers’ quarters and micro-credit schemes in 10 communities in the Ahafo Mine.

NADeF has awarded scholarships worth GH¢2,026,279.01 to 2,335 tertiary and second cycle students from communities around Newmont’s operations pursuing various programmes across the country.

The company has also instituted comprehensive social investment programmes at all its project areas in Ghana; in the areas of education, health care, infrastructure, job training and small business development.**