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Business News of Wednesday, 14 February 2018

Source: Newmont Ghana

Newmont Ghana named Ghana's Largest and Best Taxpayer in 2017 by GRA

Kwame Addo-Kufuor (Middle) and Adiki Ayitevie of Newmont Ghana with the GRA citation Kwame Addo-Kufuor (Middle) and Adiki Ayitevie of Newmont Ghana with the GRA citation

The Ghana Revenue Authority (GRA) has named Newmont Ghana the country’s Overall Largest and Best Taxpayer for 2017 under its Large Taxpayer Office at its annual awards ceremony to honour employees and other stakeholders. In 2016, the company emerged second Overall taxpayer.

This award recognizes Newmont Ghana for:

• Consistently meeting its tax obligations
• Complying with Ghana’s tax laws and the company’s
• Willingness to support the GRA’s tax collection and compliance improvement initiatives.

Newmont Ghana’s operations in Ahafo and Akyem contributed over GHc 560 million in taxes, royalties and levies to the Government through the Ghana Revenue Authority, bringing its total tax payments since 2004 to about GHc 2.8 billion. The 2017 payments consisted of GHc 264 million in Corporate Income Tax, GHc138 million in Mineral Royalty, GHc 94 million in Pay As You Earn (PAYE), GHc 56 million in Withholding Tax, and GHc16 million in Forestry Levy.

“We are honoured to be recognized for our contributions to national development last year. It is rewarding to see that our continued partnership with the Government and other stakeholders is creating shared value for our communities and the broader Ghanaian community,” said Kwame Addo-Kufuor, Chief Financial Officer - Newmont Africa.

Beyond meeting its tax obligations to the Government, Newmont Ghana also supports the nation’s growth through employment opportunities and local content development. As at 2016, Newmont’s total workforce at its Ahafo and Akyem mines comprised of 39.2% and 47.1% of community locals, exceeding its targets of 24% and 35%, respectively. Additionally, the company purchased about US$18 million in goods and services from local businesses and US$300 million from other Ghanaian suppliers.

“We will continue to support the implementation of Ghana’s tax administration and legislation and believe that through the ongoing collaboration with the Government of Ghana, our regulators and host communities, Newmont Ghana will continue to operate sustainably to keep creating value and improving the lives of the people of Ghana,” says Mr. Addo-Kufuor.