Dr. Toni Aubynn, Chief Executive Officer of the Ghana Chamber of Mines, said the perception that most mining companies repatriate all their revenues to their home countries is wrong.
He argued that in 2011 for instance, mining companies returned about US$3.1 billion out of the 4.6 billion dollars of their mineral revenues through the Bank of Ghana and the Ghana Commercial Bank against the statutory requirement of 25 per cent.
Dr. Aubynn said this at a media interaction organized by the Chamber with support from Gold Fields Ghana Limited to update journalists on the activities of the Chamber.
He added that the mining sector continued to be the
highest contributor to the national purse.
“Contrary to the perception that Ghana is blessed with lots of mineral resources, it is still a mono-mineral economy, since gold is the only mineral exploited in commercial quantities. Gold exploration accounts for 95 per cent of the entire mineral exploited including manganese, bauxite and diamonds.
“Other minerals yet to be exploited are kaolin, salt, clay, marble, mica, iron ore and limestone among others.”
“Contrary to the perception that Ghana is blessed with lots of mineral resources, it is still a mono-mineral economy, since gold is the only mineral exploited in commercial quantities. Gold exploration accounts for 95 per cent of the entire mineral exploited including manganese, bauxite and diamonds.
“Other minerals yet to be exploited are kaolin, salt, clay, marble, mica, iron ore and limestone among others.”
He said in
2011 alone, mining contributed about US$540 million to the Ghana Revenue
Authority (GRA), representing 27.61 per cent of the total internal revenue
collected by Ghana Revenue Authority (GRA). The sector also injected about US$27
million to support their communities of operations and other public services.
Dr. Aubynn indicated that mining contributed about 42 per cent of the gross merchandise exports earnings and therefore called for an integrated vision and national policy to regulate the sector.
Dr. Aubynn indicated that mining contributed about 42 per cent of the gross merchandise exports earnings and therefore called for an integrated vision and national policy to regulate the sector.
On refinery of gold, the CEO hinted that
establishing a refinery is a complex venture but added, that a new refinery is
being put up to complement the existing one.
The mining industry, he added, has also propelled the growth and investment in the country such as hotels, airlines and banks, which were also contributing to the revenue base of the country.
The mining industry, he added, has also propelled the growth and investment in the country such as hotels, airlines and banks, which were also contributing to the revenue base of the country.
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