Impact of Mining on Ghana’s Economy

20 October 2016

Impact of Mining on Ghana’s Economy

In spitefulness of the decrease in conception and fall in the price of gold, the mining division added roughly $4 billion to Ghana’s economy in 2015, besides in excess of 70 per cent of the income produced by the division remained in the country.

The price of gold on the worldwide flea market has dropped.

As well-known, that an outcome of the local content policy, mining companies have take on board things worth $136 million directly from Ghanaian.

On taxes, the deterioration in production and prices has exaggerated the huge of taxes the country gains. Nevertheless, point out that Ghana has been fortunate in these perilous eras.

“Luckily for Ghana in spite of the encounters, in receiving investments into the mining division internationally, Ghana gets ahead in receiving some investments.

Ghana has the essential atmosphere that investors need, and this comprises obtainability of copious mineral capitals with elementary geo-scientific data, political stability, a good-looking investment outline to lessen exploitation and to enforce the rule of law and transparency in the administration of mineral resources.

Ghana likewise has a vigorous, clear as crystal, effective and time-tested lawful outline that is approachable for investments in the mining division. That include Minerals and Mining Act 2006 (Act 703), the Minerals (Royalties) Amendment Act 2010 (Act 794) and the Income Tax Act, 2015 (Act 896).

The overall investment into the mineral and mining division in from 1980 to 2015 was some $16 billion, in addition that presently; the division gives 14 per cent of government domestic revenues as netted through the Domestic Tax Division of the Ghana Revenue Authority.

AUTHOR: Eric Kwaku Kegya – Tax Consultant, Ghana

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