Saturday 18 November 2017

Mining companies in Ghana use in excess of $363m to import chemicals, other items

Mining companies in Ghana use in excess of $363m to import chemicals, other items
(Ghana Business News 09/12/17)
Mining companies in Ghana use in excess of $363m to import chemicals, other items

The Ghana Chamber of Mines has urged Ghanaian entrepreneurs to fully exploit the enormous investment opportunities in the mining industry to create wealth and jobs.

Mr. Sulemanu Koney, the Chief Executive Officer (CEO), noted that there were inputs and equipment, which could be manufactured locally and supplied to the mining companies.

In excess of $363 million is used to import sodium cyanide, caustic soda and other items by the companies and he said this needed to change.

He indicated that the local production of these inputs would help the nation to retain the revenue.

Mr. Koney told a meeting held by the Chamber with journalists in Kumasi that, there was no reason this could not be done, especially when the vital raw materials, were already there.

The meeting provided a platform to highlight the contribution of gold mining the country’s economy in terms of taxes, direct and indirect employment and foreign exchange.

The industry accounted for 46 per cent of the gross export revenue, reinforcing its position as the leading source for foreign exchange and a major contributor to the balance of payments.

Its direct taxes to the Ghana Revenue Authority (GRA) for last year, stood at GH¢1.6 billion, representing 15.8 per cent of the total revenue collected.

The mining companies, additionally paid more than GH¢1.2 billion in corporate tax and mineral royalties.

Mr. Koney said it was important that the government shifted its focus from the revenue brought in by sector to identifying the business opportunities it presented to aid the growth of local industries.

He said more should be done to encourage indigenous businesses to take advantage of the procurement and manufacturing benefits.

He also spoke of the need to give serious attention to less exploited minerals including salt, clay, marble, mica, limestone and kaolin adding that these could bring in revenue.

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