Newmont Africa, comprising the Ahafo South and Akyem mines, has announced that in the first half of 2023, its operations in Ghana (Ahafo South and Akyem mines) paid a total of GH¢2.046 billion in taxes, royalties, and carried interest to the Revenue Authority, Forestry Commission, and Finance Ministry.
By the close of June 2023, Newmont Africa had paid ₵1,313.99 million as Corporate Tax, GHS362.79 million as Mineral Royalties, GHS210.29 million as Pay As You Earn, GHS73.62 million as Withholding Tax, GHS67.33 million as Carried Interest, and GHS18.28 million as Forestry Levy.
In terms of contribution from the two active operations, the Ahafo South operation contributed GHS 1,385.97 million for the first half of the year while the Akyem operation contributed GHS660.33 million.
Danquah Addo-Yobo, Newmont Africa’s Chief Financial Officer, highlighted the company’s unwavering commitment to transparent tax practices. According to him, the company is diligently honouring its corporate responsibilities to the government of Ghana.
“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, we have 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.”
Danquah Addo-Yobo
Over the years, Newmont Africa has proven itself as a responsible corporate entity that not only consistently fulfils its tax obligations but also contributes 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.
“Fulfilling our obligations in terms of statutory payments, and being transparent about what we pay, are in line with our commitment to regulatory compliance and good corporate governance,” said David Thornton, Regional Senior Vice President, Newmont Africa Operations.
Strong Tax Compliance History
Newmont Africa’s operations in Ghana have a strong tax compliance history and received multiple taxpayer recognitions from the Ghana Revenue Authority. “It is important, especially in these challenging times, for companies to honour their obligations to the state, as well to their various stakeholders, through direct payment of their taxes and investment in social programmes,” he added.
Apart from the taxes, royalties, and levies that go directly to government towards the growth and stabilization of the economy, Newmont Africa also focuses on stimulating economic development in the local communities that host the mining operations, through a range of programs and projects that deliver measurable outcomes.
Acknowledging the key role that road infrastructure plays, particularly in farming communities, Newmont Africa’s operations in Akyem and Ahafo have both funded critical road infrastructure, working through the Ministry of Roads and Highways.
The mines’ investment in skills acquisition and sustainable livelihood programmes also ensure that local community residents are equipped with employable skills that are needed in the extractive and construction industries.
Meanwhile, in first quarter of 2023 alone, Newmont Africa paid a total of GHS 843.72 million in taxes, royalties, and levies to the Government of Ghana, through the Ghana Revenue Authority (GRA), Forestry Commission, and Ministry of Finance.
This amount was broken down into Corporate Tax of GHS 514.57 million; Minerals Royalties of GHS 197.06 million: GHS 78.23 as Pay As You Earn (PAYE); GHS 42.31 as Withholding Tax; and GHS 11.55 million as Forestry Levy.
