Newmont Mining named Ghana’s most outstanding corporate taxpayer for 2011
In 2011, Newmont Ghana paid more than $152 million (GH¢241 million) to the Large Tax Payers Unit of the Internal Revenue Service.
The amount paid included payments on corporate tax, income tax, stabilisation levy and withholding tax.
The Ghana Revenue Authority (GRA) in recognition of its tax payment compliance cited Newmont Ghana as “demonstrating good corporate citizenship in the prompt payment of its taxes”.
A statement issued by Newmont Ghana in Accra on Thursday quoted Mr Dave Schummer, Senior Vice President, Africa Operations as saying: “We appreciate being recognised by the GRA for our commitment to this aspect of our business and we look forward to continue to work with the Government and affected communities to enhance the long-term benefits of our operations to Ghana and Ghanaians.”
A study by Professor Ethan Kapstein, a renowned political economist and sustainable development expert, shows that Newmont Ghana’s Ahafo Mine, in 2009 was a major contributor to Ghana’s economy, generating nearly 10 per cent of the nation’s total exports (USD 528 MM) and about 4.5 per cent of its total foreign direct investment in 2009.
This directly and indirectly supported about $174 million of Value Added, some 48,000 jobs in Ghana and played a significant developmental role in the communities around the Ahafo mine in 2009 alone.