NEW YORK – Ghana’s abundant resource in gold produced $23 billion in earnings from 2013 to 2016 but only $1.7 billion for the country’s coffers, according to a newly-released report by the African Centre for Energy Policy in Ghana
Titled ‘Golden Days for Newmont’, the report said the U.S.-based Newmont Mining Corporation paid less than $500 million (US) in taxes to the government of Ghana from 2003 to 2012.
The yawning gap between export earnings and royalties to the government was documented as far back as 2008. Gold accounted for 40% of exports in that year, with a value of $2.2 billion, whereas government received only $116 million in taxes and royalties from mining firms, which is less than 4% of the country’s total tax take, according to The Economist news magazine.