Princess Avenyoh
The Ghana Chamber of Mines has revealed that its producing member companies paid a total of GHS17.68 billion in fiscal contributions to the Government of Ghana in 2024.
This was disclosed in the Chamber’s latest “Publish What You Pay” report, which highlights the large-scale mining sector’s crucial role in national development
Through tax revenue, local procurement, employment and social investment.
According to the report, the sector generated US$7.05 billion in total mineral revenue
US$4.99 billion representing 70.8% was returned to Ghana’s economy via direct payments, procurement, wages and social contributions.
Corporate tax was the largest component of the sector’s fiscal contribution, amounting to GHS10.3 billion.
The Chamber noted that this reflects strong operational performance and high levels of tax compliance, particularly from large-scale gold mining companies.
In terms of mineral royalties, mining companies paid GHS4.89 billion to the government.
Royalties are calculated based on gross mineral sales, ensuring a stable source of revenue for the state.
A portion of this is distributed to mining communities through the Minerals Development Fund (MDF).
The sector also paid GHS1.46 billion in Pay As You Earn (PAYE) taxes, highlighting its impact on formal employment. The industry directly employs over 11,300 Ghanaians.
Additionally, dividends totaling GHS1.03 billion were paid to the government from its equity in mining companies.
Other taxes, including those from self-employed contractors and miscellaneous sources, amounted to GHS75.3 million.
The report also indicated that 358,218 ounces of gold were sold to the Bank of Ghana under its Domestic Gold Purchase Programme.
Helping to build the country’s gold reserves and reduce forex pressures.
Furthermore, mining companies invested US$28 million in corporate social responsibility (CSR) projects in communities, focusing on infrastructure, education and healthcare.
The Ghana Chamber of Mines emphasised that these figures reaffirm the mining industry’s role as a key driver of economic growth and a partner in national development.