Publish What You Pay - 2008
The Ghana Chamber of Mines is happy to publish statutory and voluntary payments made by Ghana's mining indstry in 2008.
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Total Mineral Revenue 2,105,968,737
Mineral Revenue Returned to the Country through Commercial Banks (Voluntary Repatriation) in USD 895,861,279 - 43%
Mineral Revenue Returned to the Country through Bank of Ghana (Mandatory Surrender) in USD 429,176,956 - 20%
Total Mineral Revenue Returned to Ghana 1,325,038,235 - 63%
Amount for amortizing loans, including interest payments (USD) 51,805,345 - 2%
Imported Consumables (USD) 375,858,441 - 18%
Local Purchases of goods (excluding Diesel & Electric Power) (USD) 320,098,229 - 15%
Local Purchase of Services & Contracts for handling ore, security, bussing etc.(USD) 146,457,382 - 7%
Total Local Purchases 466,555,611 - 22%
Amount paid for electric power consumed (Gh¢) 73,297,402 - 3%
Amount paid for electric power consumed (US$) 103,507,218 - 5%
Total Amount spent on Electric Power 176,804,620 - 8%
Amount paid for diesel consumed(Gh cedi component) 70,789,631 - 3%
Amount paid for diesel consumed (US Dollar component) 207,708,393 - 10%
Total Amount Spent on Diesel 278,498,024 - 13%
Gross Salary to all Staff (Gh¢) 84,975,239 - 4%
Other Payments to Staff(e.g. bonuses, overtime etc)Gh¢ 72,634,290 - 3%
Provident Fund (Company's contribution) - Gh¢ 7,601,447
Social Security Payments (Company's contribution) 10,117,470
Total Amount paid to and on behalf of Employees 175,328,445 8%
Mineral Royalty Payments 68,358,429 - 3%
Employee Income Tax Payments 17,735,626 - 1%
Property Rates Payments 901,238
Customs Duty etc 27,893,885 - 1%
Dividends paid to the State 1,262,399
Corporate Tax 30,169,771 - 1%
Total Amount paid to State 146,321,346 - 7%
CAPEX 668,926,690 - 32%
Socio-economic Contributions to Community 12,405,861 - 1%
Socio-economic Contributions to the general Public 1,340,001
Total 2,353,844,384 112%
NB: The total amount amount spent was 12% higher than the mineral revenue. This implied that mining companies had to raise extra funds beyond mineral revenues to run their mines in 2008.
The direct cash payments from the industry to the State is about (7%) of its revenue. The country also benefits indirectly from taxes on services and supplies by local companies to the industry by way of taxes, levies and other imposts. For example the industry contributed about GH¢35 million to State taxes and levies.
Chamber of Mines meets President Mills and assures Government of role in economy
The CEO of the Ghana Chamber of Mines, Ms. Joyce Aryee has catalogued the various activities that mining companies had undertaken in the country which, among other things, included the provision of schools, potable water, feeder roads and human capacity development. She also called for another critical look to be taken at the share of mineral rights to inure to the benefit of the nation and the vast majority of the people.
Ms Aryee reiterated her call for the mining industry to be used as a growth pole and stressed that it was only when deliberately designed development plans and effective linkages have been fashioned out that the full benefits of mining could be derived to make for the Johannesburgs of the world to be realized in Ghana.
She commended President Mills for the victory in the December general election and stressed that the peaceful conduct of the polls attested to the fact that democracy had taken root in the country.
Present at the meeting were the Minister of Lands and Natural Resources, Alhaji Collins Dauda, and the National Security Adviser, Brigadier Joseph Nunoo-Mensah (Rtd)
President Mills calls on mining companies to avoid being blinded by profit motives
President John Evans Atta Mills has urged mining concerns in the country to avoid being blinded by profit motives to the abject neglect of the material and social conditions of the people and the environment in the areas where they operate.
The President explained to a delegation of the Chamber of Mines that he was not against mining concerns working for profit, since they had invested massive capital in their operations. He however urged the industry to do well to address the concerns and interests of the people by way of providing viable infrastructure which could bring about genuine transformation in the living conditions of the people.
President Mills said considering the amount of wealth generated by mining concerns over a period of time, in comparison with the present low level of development in mining communities, it was crystal clear that a lot had to be done to improve the lot of the people in the respective mining areas.
Although President Mills President Mills said there was no basis of comparison between Johannesburg and Obuasi, which are considered two of the richest mines in the world, since the former has witnessed stupendous development resulting from the mining gold in the area.
He pointed out that the level of development at mining centres in Ghana was a far cry from their counterpart cities in South Africa and elsewhere in the world and asked for the situation to be addressed to enable the people to lead more decent and meaningful lives.
The President was speaking at the Castle, Osu in Accra yester when a delegation from the Ghana Chamber of Mines led by its Chief Executive Officer Ms. Joyce Aryee, paid a courtesy call on him.
