recent reforms in fiscal regime of mining sector in ghana

  • Mineral Mining in Africa: Legal and Fiscal Regimes

     · This book analyzes the legal and fiscal frameworks for hard-rock mining in several African countries including Botswana, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Namibia, Nigeria, Liberia, Tanzania, Sierra Leone, South Africa, South Sudan, Zambia, and Zimbabwe, with reference to other resource-rich countries.

  • THE GHANA CHAMMBER OF MINES

    planned fiscal stimulus of the Chinese government and potential truce in trade disputes between the United States and China. On the whole, the IMF projects that global economic growth will reduce further to 3.3 per cent in 2019. In Ghana, an upturn in mining

  • Ghana''s Embattled Petroleum Fiscal Regimes

     · Ghana gets $85.2bn (+$8bn), the FOCs get $56.8bn (+$10bn, assuming no income tax paid) over the 20 year expected life-span of the Jubilee Fields! Under the Royalty System, Ghana is expected to get only about $20bn, while contributing not less than to $2bn to the cost of production to boot!

  • Fiscal volatility in mining

     · In Ghana almost 20% of government revenue comes from the mining industry, whereas in Guinea that percentage can approach 90%. In the DRC (another country which recently proposed increases to taxes on the mining industry) the mining sector has contributed 22% of GDP and 28% of government revenue in recent years.

  • Government to roll-out new regime for mining industry

     · Government has announced plans to introduce a new fiscal regime for the mining sector to ensure the country derives maximum benefit from the extraction of her mineral resources. To that end, government is seeking a paradigm shift in the thinking behind the utilisation of the country''s mineral resources to ensure value addition to the raw minerals, instead of the current system of raw exports.

  • Ghana: More revenue through fiscal reforms | Extractive …

    IMPACT OF MINING SECTOR INVESTMENT IN GHANA: A STUDY OF ...

  • Ghana HomePage, resource for News, Sports, Facts, …

     · The corporate income tax rate for mining companies in Ghana is 35 percent (for most other sectors it is 25 percent) and mining companies are also required to …

  • Taxation of mining industries

    However, this reduction does not concern all extractive industries. Mining companies remain subject to the 30% rate, in force since the Mining Act, 2005 (Act No. 4 of 2005), while oil companies may be subject to a higher rate in their petroleum agreement.

  • The Mining Industry in Ghana: A Blessing or a Curse

    will have to develop a competitive mining regime based on greater economic equality, mutual benefit and in accordance with generally accepted notions of fairness. Key words: Ghana, Mining, Mineral Products, Impact, Economy 1.0 Introduction Mining is the

  • Ghana HomePage, resource for News, Sports, Facts, …

     · Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President Dr. Mahamudu ...

  • Sierra Leone''s mining sector in focus: 2018 – 2021 – …

     · Sierra Leone''s mining sector in focus: 2018 – 2021. National Minerals Agency (SL): Sierra Leone Telegraph: 23 March 2021: In April 2018, His Excellency, Retired Brigadier Dr Julius Maada Bio became President of Sierra Leone, and, among other things, he promised to transform the minerals sector. The Ministry of Mines and Mineral Resources ...

  • Financial and monetary policies in Ghana: A review of …

     · This study has reviewed recent monetary and financial policies pursued in Ghana. The paper concludes that generally, while there have been remarkable improvements in the key monetary indicators which suggest relatively effective monetary policies during the period under review, the fiscal imbalance in the country has limited these outcomes.

  • Mining Taxation – Overview of Recent Trends

    Fiscal instruments used in the mining sector In most countries mining projects are subject to specific taxation arrangements. While mining fiscal regimes vary across jurisdictions and minerals, they usually include some of the following fiscal instruments: Royalties (and windfall taxes)

  • Fiscal Regime Changes and Impact on Mining Industry and …

     · The mining sector no doubt plays an important role in the Ghanaian economy. According to Mining Partnership for Development 2015, the sector has attracted more than half of all foreign direct investment (FDI) into Ghana by generating more than one-third of all export revenues as well as being the largest tax paying sector in the country.

  • Taxation of mining companies in ghana

    3. 0 Taxation of the Mining sector All mining enterprises in the mining sector shall be required to pay taxes on all income accruing from their mining operations in Ghana. The required taxes are as follows: 3. 1 Corporate Income Tax A mining enterprise engaged in mining operations in Ghana shall be required under Act 592 to pay tax on its chargeable income annually.

  • recent reforms in fiscal regime of mining sector in ghana

    Ghana Overview Recent Economic Developments and Outlook Recent Developments Ghana''s economy accelerated to 8%1 in 2017, driven by the mining and oil sectors, making it the second-fastest growing African economy, trailing only Ethiopia In addition to the ...

  • Fitch Affirms Ghana at ''B''; Outlook Stable

     · The mining sector, which includes oil and gas, and manufacturing experienced the steepest contraction, while agriculture, construction and transport recorded positive growth. We forecast 2020 growth at 2.0%, returning to 5.0% by 2022, although low global oil prices will inhibit investment in Ghana''s oil infrastructure and could weigh on medium-term growth.

  • The Ghana Chamber of Mines

    quarrying sub-sector. Specifically, the growth rate of the mining and quarrying sub-sector, which consists of the mining, oil and gas as well as quarrying activities, reduced from 23.3 per cent in 2018 to 12.6 per cent in 2019. The sub-sector''s relatively slow pace

  • Ghana''s Upstream Industry – Petroleum Commission …

    Ghana is an up and coming player in the oil and gas industry with operations in the upstream (exploration and production), mid-stream, and downstream sectors. After the discovery of oil and gas in commercial quantities in 2007, Ghana took steps to ensure a successful oil and gas regime.

  • Fiscal Regime Ghana

    Ghana''s mining sector policy reforms on government revenue mobilisation and examines how the range of taxes, tax incentives and other fiscal concessions defined in the fiscal regime of the mining code have impacted on government

  • IMF Country Report No. 19/367 GHANA

    reforms, which are essential to successfully implement the authorities'' "Ghana beyond Aid" agenda and reduce poverty and inequality. Directors welcomed the authorities'' commitment to fiscal discipline and the fiscal …

  • Mining sector during economic challenges: Ghana and …

     · Mining sector during economic challenges: Ghana and emerging markets. Ghana was called the Gold Coast prior to independence because of …

  • Ghana''s mining sector: its contribution to the national …

     · With the inception of an Economic Recovery Programme (ERP) by the government in 1983, Ghana''s minerals and mining sector has seen a major resurgence over the past one and a half decades. To study the contribution of the sector to the national economy, this paper analyses the results of a survey of the contribution of 12 of 16 large scale mines ...

  • What Democratic Republic of Congo''s Mining Reform …

     · The mining law must look at fixing deep governance flaws in the management of the minerals sector rather than the over focus on the fiscal regime. The opacity of mining deals, which has involved Gécamines, has cost DRC billions of dollars in lost revenues.

  • Government to implement Ghana Business Regulatory …

     · Government is to implement the Ghana Business Regulatory Reform Programme from 2018 to 2020, Mr Alan John Kwadwo Kyerematen, the Minister of Trade and Industry has announced. Addressing participants at the Ghana SME CEO''s Summit in Accra, Mr Kyerematen said the Programme would include a comprehensive roadmap for reforms to reduce the time and ...

  • Corporate income taxes, mining royalties and other mining …

    PwC Corporate income taxes, mining royalties and other mining taxes—2012 update 3 as "ring fencing". The Ghana government, in the 2012 Budget Statement, proposed an increase to the corporate income tax rate from 25% to 35% and an additional

  • Ghana''s government focuses on reforming small-scale …

     · The government has also been active in introducing legal reforms in recent years, particularly those aimed at supporting small-scale miners, passing six new mining laws and regulations in 2012 alone. However, a move to alter the tax regime for small-scale miners will likely face challenges as a result of depressed global commodities prices.

  • PERFORMANCE OF THE MINING INDUSTRY IN 2017

     · sector grew by 80.4 per cent between 2016 and 2017 and therefore led to a 46.7 per cent increase in the mining and quarrying sub-sector, which consists of mining, quarrying and oil & gas (Ghana Statistical Service, 2018). This also implies that core

  • Fiscal Policy Reforms and Their Effects on the Economic …

    Downloadable! Mineral sector regulatory and fiscal policies in Ghana have undergone a lot of reforms over the past three decades in an effort to attract the much-needed Foreign Direct Investment (FDI) into the mineral sector and also to maximise the returns from the ...

  • Ghana

     · Financial Sector Recovery Levy Act, 2021(Act 1067) As a result of the financial sector clean-up carried out in recent years and it''s associated cost to the Government, the 2021 Budget Statement and Economic Policy proposed the introduction of a levy to help cover the cost of the reforms and meet any outstanding commitment in the financial sector.

  • IMPACT OF MINING SECTOR INVESTMENT IN GHANA: A STUDY …

    light of the extremely generous fiscal and other incentives given to mining companies under the mining sector reforms. As observed by Patricia Feeney, the World Bank strategy is surprisingly silent on measures that might be required to protect the rights of 4

  • Mining sector during economic challenges

     · Mining companies are subject to fiscal regimes such as corporate tax of 35%, capital gains tax of 15%, a withholding tax of 15% and a capital allowance of 20% for 5 years. The ground rents, property rates and mineral right fees are payable as prescribed by Regulations. Royalties of 3-6% of mining revenue obtained are also payable.

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