Ghana Chamber of Mines Bolsters Transparency With Publication of Payments, Expenditures, Investments, Others Made in 2023

The Ghana Chamber of Mines reinforced its commitment to transparency by sharing detailed information on payments, expenditures, and corporate social investments by its member companies for the 2023 fiscal year.

A statement released by the Chamber highlighted several millions of cedi payments by member companies which include:

 

Tax Contributions: Direct taxes from the mining and quarrying sector rose by 81.1%, from GH₵6.38 billion in 2022 to GH₵11.55 billion in 2023, making the sector the largest source of domestic tax revenue, contributing 22.7% of all direct taxes.

Dividend Payments: Mining companies paid GH₵139.69 million in dividends, with total fiscal payments (Corporate Tax, Mineral Royalties, Employee Income Tax Payments (PAYE), Others (Self-Employed) and Dividend) reaching GH₵11.69 billion.

Mineral Exports: Mineral export revenues increased by 15%, from US$6.8 billion in 2022 to US$7.8 billion in 2023, representing 47% of the country’s gross merchandise exports, surpassing the corresponding shares of cocoa and crude oil.

 

Funds Returned to Ghana: US$4.2 billion was returned to Ghana by producing members of the Ghana Chamber of Mines, translating into 71.3% of their foreign exchange earnings.

 

Local Expenditure: US$5.4 billion was spent on local products, community support, and fiscal obligations, with US$3.146 billion being spent on locally sourced goods and services.

Corporate Social Investment: US$31.53 million was spent on socio-economic development projects in host communities.

The various payments by the member companies of the Chamber, underscores the mining sector’s vital role in Ghana’s economy, both in terms of revenue generation, supporting local businesses, and community development.

Table 1.0: Summary Statistics on Payments by Producing Member Companies of the Chamber in 2023

*Revenue	US Dollars
Total Mineral Revenue	5,888,149,051
Total Mineral Revenue Returned to the Country	4,199,970,848
Percentage of Mineral Revenue Returned to the Country	71.30%
*Local Expenditure	US Dollars
Payments for Goods and Services (excluding diesel and electricity)	2,488,230,293
Payment for Electric Power Consumed	274,079,759
Payment for Diesel Consumed	384,095,397
Total Expenditure	3,146,405,450
*Other Big Ticket Expenditure	US Dollars
Amortizing of loans, including interest payments	162,663,306
Expenditure on imported consumables	306,606,515
Capital Expenditure (Capex)	804,893,986
*Human Resource Information
Number of Direct Ghanaian Employees	12,588
Number of Expatriates	86
Total Direct Employment	12,674
Share of Expatriates in Total Employment	0.7%
Compensation to Employees of Producing Member Companies (USD)	612,607,348
**Fiscal Payments	GHȻ
Corporate Income Tax	7,473,901,317
Mineral Royalties	2,771,801,237
Employee Income Tax Payments (PAYE)	1,307,849,056
Others (Self-Employed)	963,575
***Dividend	139,691,792
Total Fiscal Payments to the State	11,694,206,977
*Social Investment Spending	US Dollars
Expenditure on Corporate Social Investment	31,532,704

Source:norvanreports.com