Mining sector contributes GHc1.46 billion to GRA

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• agya koo 12 years ago

  they must be made to draw comprehensive plans of helping with the development of the nation,the road ,hospital etc etc.

  they must be made to draw comprehensive plans of helping with the development of the nation,the road ,hospital etc etc.

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• Seko 12 years ago

  My brother, a development plan for this country is very good but should it be the private individual companies to prepare a plan for Ghana. What are we doing as people who claim to be capable of managing our own affairs. Sinc ...
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  My brother, a development plan for this country is very good but should it be the private individual companies to prepare a plan for Ghana. What are we doing as people who claim to be capable of managing our own affairs. Since the 7-year Dev't Plan by Nkrumah, no Ghanaian head of state have had a vision to develop Ghana, hence, the lack of a Dev't Plan. We only take the taxes, aid and loans and chop most of it and turn round to blames foreign companies.

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• BRAVEBOY 12 years ago

  More than 4,000 Ghanaian workers laid off due to declining Gold Prices on world market
  
  
  
  
  The gold mining sector in Ghana is said to be reeling under the pressure of the country’s unfavourable fiscal environment and ...
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  More than 4,000 Ghanaian workers laid off due to declining Gold Prices on world market
  
  
  
  
  The gold mining sector in Ghana is said to be reeling under the pressure of the country’s unfavourable fiscal environment and declining gold price and is set to face a series of unpleasant consequences.
  
  These include the laying off of about 4,500 workers, reduction in taxes payable to government, loss of foreign exchange to the Bank of Ghana, curtailment of exploration activities, termination of supplier’s contracts and review of capital investments.
  
  The CEO of the Ghana Chamber of Mines, Dr Toni Aubynn, revealed this when he briefed the media in Sunyani.
  
  The Gold Mining Sector in Ghana is notable in the scheme of things in the country.
  
  The country is currently ranked the World’s Eighth Leading Producer of Gold according to the Goldfields Mineral Survey, with an output of 96.8 tonnes.
  
  Ghana Chamber of Mines is a private sector minerals industry association with a vision of being a respected, effective and unified voice for the mining industry.
  
  Its objectives include promoting and protecting the interest of the Mining Industry as well as provide thought leadership for the solution of national issues related to mining among others.
  
  The Chamber periodically reaches out to various segments of society to explain the complexities in mining to the ordinary man.
  
  Its latest outreach in the Brong-Ahafo Region was very well attended by media representatives in the Region, who were the sole invitees.
  
  The CEO of the Chamber, Dr Aubynn in his address stated that the Mining Industry is crucial to Ghana as one of the main contributors of revenue to the National coffers for the past few years.
  
  He revealed for instance that in 2012, the sector emerged the number one tax payer and the highest contributor to the Ghana Revenue Authority (GRA’s) domestic collections.
  
  He said the Mining sector paid about GH¢ 1.46 billion, representing 27% of the GRA’s Total Direct Taxes in 2012.
  
  The Sector again contributed GH¢ 893.77 million in Corporate Taxes, representing 36.98% of total company tax collected last year.
  
  But Dr Aubynn was quick to add that the sector is currently in crises thanks to high labour costs, relatively high cost of energy, high and still increasing fees and charges, the uncompetitive tax regime and the declining gold price on the international market.
  
  He said the combined effect of all of this is the unpleasant actions that the Industry has to take.
  
  The CEO revealed that Newmont for instance plans to lay off between 30 to 40% of its exploration staff, while generally companies are reviewing exploration, production expansion plans as well as green fields with preferences for those that provide optimal returns to the Companies.
  
  Dr Aubynn used the occasion to debunk allegations that the Mining Industry repatriates all their local mineral earnings abroad.
  
  He said nothing could be further from the truth since even though the law calls for 25% retention, statistics clearly show that mining firms on the average maintain 73% of mineral revenues in the Country.
  
  GBC

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• Charles 12 years ago

  You will serve us well, if you compare it with the Exempions from imports in the same period.

  You will serve us well, if you compare it with the Exempions from imports in the same period.

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• GHFUO, change ur thinking 12 years ago

  ARE OUR ELDERS USELESS?
  MAYELE AA VS MAHAMA?
  WHAT DO THESE 2 HAVE IN COMMON?
  FOLKS, WAT ARE THE COMMONALITIES BETWEEN BOTH PERSONS HERE? AA AND MAHAMA ARE BLESSED WITH A TAXABLE POPULATION, STAR PLAYERS, AMAZING POOL OF TA ...
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  ARE OUR ELDERS USELESS?
  MAYELE AA VS MAHAMA?
  WHAT DO THESE 2 HAVE IN COMMON?
  FOLKS, WAT ARE THE COMMONALITIES BETWEEN BOTH PERSONS HERE? AA AND MAHAMA ARE BLESSED WITH A TAXABLE POPULATION, STAR PLAYERS, AMAZING POOL OF TALENT N RESORCES TO EASILY BECOME A FIRST RATED
  NATION/SOCCER TEAM. HOWEVER, THE TRUE POTENTIAL CAN NEVER BE REALISED (NO AFCON TROPHY FOR AA, NO REAL ECONOMIC IMPRVMENT/INFRASTRUCTURAL DEV IN GH). SIMPLY BCOS AA AND MAHAMA ARE CLUELESS N CONFUSED.
  THEY DONT EVEN KNOW WAT TO DO....AND DONT HAVE THE COURAGE TO KNOW HOW.....ISNT THAT PETTY N PATHETIC?
  LOOK AT THE QUALITY OF OUR REGIONAL STADIUMS...DEPLORABLE. KUMASI STADIUM HAS TOO MANY POTHOLES, THE PLAYERS WERE TRIPPING OVER THEM. ASK ATSU
  SO CANT THE MIN OF SPORTS GO TO SOUTH AFRICA N SEE? PLS, JUST TAKE A TRIP TO SOUTH AFRICA N SEE WAT A REAL STADIUM LOOKS LIKE. SPEAK TO THE MINISTERS OVER THERE N TELL THEM. WE NEED THESE IN GH TOO.
  DONT BE ASHAMED TO ASK FOR GUIDANCE/HELP. WE TALK LIKE HYENAS. EVEN GABON/EQ GUINEA HAS BETTER STADIUM FACILITIES
  THAN WHAT WE HAVE IN GH. IF I AM KP BOATENG/ESSIEN/DED. I WONT PLAY ON THAT PITCH N TRY TO INJURE MYSELF? TWEAA, STADIUM WITH POTHOLES WEI? IN THIS MODERN DAY N AGE?
  WHAT IS THE GDP OF EQ GUINEA/GABON? LOOK AT THE CONDITION N QUALITY OF OUR AIRPORTS? KUMASI N ACCRA? AGAIN, THE MIN OF TRANSPORT THE THE AVIATION DEPTS NEED TO GO
  TO SOUTH AFRICA N SEE WELL, WELL. DONT SIT UR AC OFFICES IN ACCRA EATING KELEWELE N NUTS WITH FANTA N SAYING...AHHHHHHHH....LOL
  LOOK AT THE STATE OF OUR ROADS N REGIONAL HIGHWAYS? ITS VERY SAD. I ALWATS GET MADD N UPSET WHEN IM IN GH......
  GH IS PROLLY THE NATION WITH THE MOST HIGH QUALITY FOREIGN BASED PLAYERS IN AFRICA. YET, WE CANT WIN A MILK TIN? WHY?
  UNDERDEVELOPED GH
  even by africa standards ghana is waaay underdeveloped but ghanaians do not seem to notice that….
  airports , roads, stadia in ghana are still sub standard….THIS IS WHY I HATE coming to ghana…Africans who LOVE AND respect ghana, are surprised AT what they see when they visit..

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• Lawrene M K Akakpo 12 years ago

  It is high time Dr Toni Aubynn should stop telling his lies on what is happening in Ghana’s gold industry. Propaganda does not mean telling lies which can easily be disproved. It demeans him and the message he is trying t ...
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  It is high time Dr Toni Aubynn should stop telling his lies on what is happening in Ghana’s gold industry. Propaganda does not mean telling lies which can easily be disproved. It demeans him and the message he is trying to convey.
  
  “Dr Aubynn said companies returned about 3.2 billion dollars, representing 73 percent of their mineral revenue, through the Bank of Ghana and the commercial banks in 2012, against the statutory requirement of a minimum of 25 percent”. That is, Dr Aubynn, put the total revenue from all minerals in 2012 to be 4.38billion dollars. He knows that is a pack of lies for the following reasons: (1) gold production in 2012 exceeded that of 2011; (2) average gold price in 2011 was 6.1% less than that of 2012 (that is, they were respectively 1,573.16 dollars and 1,668.92 dollars); (3) According to GCM, where Dr Aubynn is the CEO, annual report for 2011, revenue from gold alone was 4.63 billion dollars. I also know for fact that gold alone revenue for 2012, was more than 5billion dollars. How can total revenue for all minerals – gold, diamond, manganese and bauxite for 2012 be 4.38billion dollars? Come on Doc!
  
  I can punch holes through all the lies being presented as statistics. It is unworthy of CEO. He has been on this for far too long. We are no longer going to accept his lies.
  
  We have to find a better way whereby revenue from the minerals industry is shared, between the minerals owners on one hand and the miners that will eliminate all the greed and lies coming from Ghana Chamber of Mines.

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