Newmont Africa has announced that, in the first half of 2023, its operations in Ghana (Ahafo South and Akyem mines) paid a total of GHS 2.046 billion in taxes, royalties, and carried interest to the Government of Ghana, through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance.
By the close of June 2023, Newmont Africa had paid GHS 1,313.99 million as Corporate Tax, GHS 362.79 million as Mineral Royalties, GHS 210.29 million as Pay As You Earn, GHS 73.62 million as Withholding Tax, GHS 67.33 million as Carried Interest, and GHS 18.28 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 GHS 660.33 million.
Danquah Addo-Yobo, Newmont Africa’s Chief Financial Officer, highlighted the company’s unwavering commitment to transparent tax practices. He stated, “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,” Mr. Addo-Yobo further emphasized.
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.
About Newmont Africa
Newmont Africa is the country’s leading gold producer and operates two gold mines: the Ahafo Mine in the Ahafo region, and the Akyem Mine in the Eastern region. It is in the process of establishing a third mine, which is currently at the Project Stage – the Ahafo North Project. The company is a subsidiary of Newmont Corporation, the world’s leading gold business. Commercial production at Ahafo and Akyem began in 2006 and 2013, respectively, and currently has about 6,700 employees, directly and indirectly across its operations. Newmont is actively involved in exploration activities across the African continent, and globally. For more information please visit; www.newmont.com.