Ghana Chamber of Mines record 8% growth in 2009

The Ghana Statistical Service and the Ministry of Finance and Economic Planning have revealed that the country's mining sub-sector recorded eight per cent growth in 2009.

Dr Joyce Aryee, Chief Executive Officer of the Ghana Chamber of Mines, who made this known in an interaction with the Western Regional Press Corps on Thursday, said the statistics compares favourably with the 5.5 per cent growth registered by the sub-sector in 2008. She said the mining sector came second after electricity and the water sub-sectors, which recorded nine per cent growth in the industrial segment in 2009. Dr Aryee said mineral revenue represented 48 per cent of the country's gross export earnings in 2009.

She said the mining sub-sector contributed about GH¢319 million to the Internal Revenue Service (IRS) representing 18 per cent of the total IRS collections in 2009. She said the increase was on account of the rising gold revenue, which translated into higher mineral royalty payments.

Dr Aryee said the sector also paid GH¢125 million in corporate tax to the IRS, representing 17 per cent of the total company tax collected in 2009. She said producing member companies of the chamber returned about 76 per cent of the $2.384 million mineral revenue to the country, through the Bank of Ghana and the Commercial Banks in 2009.

This represented an increase of the 63 per cent returned in 2008 and the aggregate average of 20 per cent, companies are required to return to the country.

She said the industry spent $1 billion, representing about 40 per cent of its total funds to procure inputs locally. She said $677 million was spent on local inputs and $340 million on diesel and power. Dr Aryee said the chamber does not condone illegal mining and its related activities and would not aid persons related to the act. She said illegal mining is wrong, dangerous and not helpful to the nation, adding: "We should not condone illegality in whatever form or for whatever reason."

Dr Aryee said the chamber would actively support licensed small-scale mining activities.

This article was originally posted on West Africa Business Communities

 

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