Newmont Ghana Named Largest Taxpayer

Kwame Addo-Kufuor (middle) and other officials of Newmont Ghana with the award

The Ghana Revenue Authority (GRA) has named Newmont Ghana as the country’s Overall Largest and Best Taxpayer for 2017 under its Large Taxpayer Office at its annual awards ceremony to honour employees and other stakeholders.

In 2016, the company was adjudged second overall best taxpayer.

Newmont Ghana’s operations in Ahafo and Akyem contributed over GH¢560 million in taxes, royalties and levies to the government through the Ghana Revenue Authority, bringing its total tax payments since 2004 to about GH¢2.8 billion.

The 2017 payments consisted of GH¢264 million in Corporate Income Tax, GH¢138 million in Mineral Royalty, GH¢94 million in Pay As You Earn (PAYE), GH¢56 million in Withholding Tax and GH¢16 million in Forestry Levy.

“We are honoured to be recognized for our contributions to national development last year. It is rewarding to see that our continued partnership with the government and other stakeholders is creating shared value for our communities and the broader Ghanaian community,” said Kwame Addo-Kufuor, Chief Financial Officer – Newmont Africa.

Beyond meeting its tax obligations to the government, Newmont Ghana also supports the nation’s growth through employment opportunities and local content development.

As at 2016, Newmont’s total workforce at its Ahafo and Akyem mines comprised 39.2% and 47.1% of community locals, exceeding its targets of 24% and 35% respectively.

Additionally, the company purchased about US$18 million in goods and services from local businesses and US$300 million from other Ghanaian suppliers.

“We will continue to support the implementation of Ghana’s tax administration and legislations and believe that through the ongoing collaboration with the Government of Ghana, our regulators and host communities, Newmont Ghana will continue to operate sustainably to keep creating value and improving the lives of the people of Ghana,” said Mr Addo-Kufuor.

A business desk report