EOCO Should Invite Ken Ofori Atta for Questioning on Mining Tax Revenues – Dr. Solomon Owusu

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It is revealed that the Finance Minister, Ken Ofori Atta has never disclosed tax revenue from mining in any of his budgets since he assumed office in 2017 until date. This was indicated after spending months to review Ghana budgets from 2017 to 2022. Maybe the Finance Committee of Parliament has other documents to prove me wrong.

From a document intercepted from Ghana Chamber of Mines, the pages 26 and 27 of the 2020 Mining Industry Statistics and Data show that the Ghana government has received about GHS 14.6 billion tax revenues from large-scale mining companies, since the Akufo Addo NPP government assumed office. It is a public document which can easily be found on the Chamber of Mines website.

Surprisingly, the budget documents have been stating and detailing tax revenues from all the petroleum sources, including Jubilee, TEN and SGN. For example, considering the 2022 budget, tables 15, 17 and 18 on pages 56, 58 and 59 respectively show the collection and distribution of tax revenues from petroleum during the 2021 financial year. Why Petroleum but no Mining????

I therefore charge all Ghanaians, especially members from the opposition political parties, the clergy, the chiefs in the mining areas and the media to ask the Finance Minister about how he has been disclosing mining tax revenues and the expenditures. We need to know where the money went.

Forever Product

If Goldfields Ghana Ltd alone paid * US$ 320 million* which is approximately GHS 2.2 billion, tax revenues for the 2021 financial year, then how much do we think the rest of the over 15 other large-scale mining companies would pay to the government? Can’t this alone be used to substitute the anticipated GHS 6.0 billion E-Levy? _

 

God bless our homeland Ghana 🇬🇭!_

Solomon Owusu, PhD (Mining Engineering & Mineral Economics Consultant) Colorado, USA.

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