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xxxxxxxxxxx of Monday, 30 April 2018

Source: citinewsroom.com

GRA boss tours mining companies in Western Region

The Commissioner General of the Ghana Revenue Authority [GRA] Emmanuel Kofi Nti together with the Chief Executive Officer of the Ghana Chamber of Mines, Sulemanu Koney and other officers from the two institutions have toured some mining companies in the western region.

The tour was to help the Commissioner to understand the operations of the mining companies and to determine how GRA could raise revenue from them for the state.

The Western Region is a significant source of revenues due to the many large and small mining support and services companies.

The GRA directly monitors them to ensure they comply with Ghana’s tax laws.

“Such tours allow us to know what is happening on the ground. It helps us to reconcile their operations with what we do as tax administrators. Now I know the people I am dealing with and what goes into their operations,” Mr Kofi Nti explained.

The team visited the African Mining Services, the Ghana Manganese Company, the Gold Fields Ghana Limited and Kal Tyre all in the Tarkwa Nsuaem Municipality of the Western Region.

Africa Mining Services

This company is one of the giant contract mining and support services companies on the African continent.

After a brief presentation, the management requested the removal of the stabilization levy that was introduced by former Mahama administration on mining companies to ease the pressure on their services.

The Commissioner in response said it has become necessary for the state to rake in more revenues to fund the government’s projects.

Mr Kofi Nti announced that the Mining List, which contains the equipment the mining companies can import at a consolidated import duty would be reviewed annually to offer relief to both government and the companies.

He inspected some equipment used by African Mining Services and then set out to the Ghana Manganese Company at Nsuta.

Ghana Manganese Company Limited

The GMC is wholly owned [90%] by Chinese firm aims at increasing its production volumes from 6 million tons this year to 9 million next year with a possibility of doing 12 million in 2020.

Gold Fields Ghana Limited

Goldfield’s team took members through different presentations, after which Mr Kofi Nti encouraged the company to work on its books to be able to pay the required taxes to the state.

Goldfield’s revenues declined due to the changes it has had to make in ensuring it stays in business for the next nine years and beyond. Part of its measures is to move from ownership mining to contract mining that is seeing over 2,000 workers being laid off.

The company is undergoing some shift in operation models, but it was able to meet its tax obligations in 2017.

Mr Kofi Nti explained here that to ensure ‘we are both on the same pace”, the GRA was going to set up a Bloomberg desk where it can also monitor the prices of the commodities on the stock market.

Kal Tire Retread Pant

This is the company that repairs mining tires used by mining trucks. When these tires develop faults or wear out, Kal Tire has the machines and workforce to retread it.