Newmont contributes GH¢2.046 billion in taxes to the government

Newmont Africa has paid a total of GH¢2.046 billion in taxes, royalties, and carried interest to the government, through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance.

The payment was made in the first half of 2023 in its operations in Ghana (Ahafo South and Akyem mines)

A statement issued in Accra by Mr David Ebo Johnson, Director, Communications & External Relations Newmont Africa said by the close of June 2023, Newmont Africa had paid GH¢1,313.99 million as Corporate Tax, GH¢362.79 million as Mineral Royalties, GH¢210.29 million as Pay As You Earn, GH¢73.62 million as withholding Tax, GH¢67.33 million as Carried Interest, and GH¢18.28 million as Forestry Levy.

It said in terms of contribution from the two active operations, the Ahafo South operation contributed GH¢1,385.97 million for the first half of the year while the Akyem operation contributed GH¢660.33 million.

Mr Danquah Addo-Yobo, Newmont Africa’s Chief Financial Officer said, “Newmont Africa continues to create value through the consistent and timely payment of taxes, local sourcing, investing in community development initiatives, and the creation of direct and indirect jobs.”

“We understand the value of contributing to the communities we operate in. Through our Foundations and the direct financial injection by our two operations,” he said.

He said they had made significant investments in the health sector, security services, education, and infrastructure in our host communities, demonstrating our commitment to creating value from our business operations,”

Mr. Addo-Yobo said over the years, Newmont Africa had proven itself as a responsible corporate entity that not only consistently fulfils its tax obligations but also contributed to the growth of Ghana’s economy.

The company is committed to both fiscal responsibilities and community betterment serving as an example of how mining companies can play a pivotal role in driving positive change.