Newmont pays GHc 2.76 billion tax to government in 2022
Newmont Africa has announced that its Ghana operations (Ahafo South and Akyem mines) paid a total of GHc 2.76 billion in taxes, royalties, levies, and carried interest to the Government of Ghana in 2022, through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance.
For the full year (2022), Newmont Africa paid GHc 1.53 billion as Corporate Income Tax, GHc 548.3 million as Mineral Royalties, GHc 261.3 million as Pay As You Earn, GHc 164.5 million as Withholding Tax, GHc 222.1 million as Carried Interest, and GHc 35.5 million as Forestry Levy.
In the last quarter of the year (September to December of 2022), Newmont Africa’s payment to government amounted to GHc 1.04 billion, across the two operations.
Breaking it down by operation, Newmont Africa’s Regional Chief Financial Officer, Danquah AddoYobo, said, “the Ahafo operation contributed GHS 1.22 billion for the year while the Akyem operation contributed GHS 1.54 billion.”
“Over the years, Newmont Africa has been recognised as a compliant and significant tax payer in Ghana, and has been duly acknowledged as such by the Ministry of Finance and its revenue agency, the Ghana Revenue Authority.”
Beyond meeting its tax obligations to the government, Newmont Africa also supports the nation’s growth through employment opportunities, local supply chain development, and social investment, among others.
Newmont Africa played, and continues to play a major role in the government’s gold purchasing programme, designed to shore up the country’s gold reserves and help stabilize the national currency.