Newmont Gold Ghana Limited has been presented with the most outstanding taxpayer award for 2011, for its compliance and commitment to paying the right taxes due government.
In 2011, Newmont Ghana paid over $152 million (GH˘ 241 million) in taxes to the Internal Ghana Revenue Authority (GRA), and it included corporate tax, income tax, stabilisation levy and withholding tax.
The GRA therefore cited Newmont Ghana as “demonstrating good corporate citizenship in the prompt payment of its taxes,” a statement from Newmont Ghana said.
“We appreciate being recognized by the GRA for our commitment to this aspect of our business and we look forward to continue to work with the Government and affected communities to enhance the long-term benefits of our operations to Ghana and Ghanaians,” the statement quoted Mr Dave Schummer, Senior Vice President, Africa Operations as saying.
Meanwhile a study by Prof Ethan Kapstein, a renowned political economist and sustainable development expert, showed that in 2009, Newmont Ghana’s Ahafo Mine was a major contributor to Ghana's economy.
It said the Ahafo Mine alone generated nearly 10% of the nation's total exports (USD 528 MM), about 4.5% of its total foreign direct investment in 2009, directly and indirectly supported about USD 174m of Value Added…, created some 48,000 jobs in Ghana, and played a significant developmental role in the communities around the Ahafo mine.
“The Ahafo Mine also provided 99 local companies with nearly USD$ 6 million in contracts and thereby supported more than 400 jobs, not including direct mine employment,” it said.
In 2006, Newmont Ghana in partnership with 10 communities around the Ahafo Mine area signed an agreement to contribute US$1 per ounce of gold sold and 1% of annual net profit from its mining operation into a Fund for the sustainable development of the company’s host communities.
The Fund, the Newmont Ahafo Development Foundation (NADeF), has so far accumulated about US$8million for sustainable development projects including community libraries, schools, teachers’ quarters and micro-credit schemes the Ahafo Mine’s 10 host communities.
NADeF has awarded scholarships worth GHC2,026,279.01 to 2,335 tertiary and second cycle students from communities around Newmont’s operations pursuing various programs across the country.
The company has also instituted comprehensive social investment programs at all its project areas here in Ghana in the areas of Education, Health care, Infrastructure, Job training and Small business development.