Newmont Corporation, the world’s top gold producer and Ghana’s foremost gold mining company, continues to significantly impact the economy through its tax contributions.
In the first half of 2024 alone, Newmont’s Ghanaian operations, including the Ahafo and Akyem mines, paid over GH¢3.176 billion in taxes, royalties, levies, carried interest, and property rates to the Ghanaian government.
These payments were distributed to the Ghana Revenue Authority, Forestry Commission, Ministry of Finance, and various District Assemblies where Newmont operates. This substantial financial contribution highlights Newmont’s dedication to meeting its fiscal responsibilities and supporting Ghana’s economic growth.
A recent company report detailed these fiscal payments, including GH¢1.727 billion in corporate tax, GH¢625 million in mineral royalties, and GH¢364 million in carried interest payments. Additional payments comprised GH¢253 million in PAYE tax, GH¢180 million in withholding tax, GH¢22 million in forestry levies for the Akyem mine, and GH¢5 million in property rates paid to district assemblies in Asutifi North and Birim North.
By maintaining transparency and responsibility in its tax payments, Newmont underscores its commitment to regulatory compliance and good corporate governance. The company credits these accomplishments to its employees’ hard work and its effective operational systems.
Beyond tax payments, Newmont is also involved in various social and community development projects, enhancing the well-being of local communities and promoting sustainable development through its foundations in Ahafo and Akyem. These initiatives focus on education, healthcare, social infrastructure, and environmental conservation.
Newmont’s fiscal contributions illustrate the mining sector’s vital role in Ghana’s economy. In 2023, Newmont’s operations contributed a total of GH¢3.965 billion in fiscal payments, showcasing the significant economic impact of its responsible mining activities on local communities and the broader Ghanaian economy.
As a leading industry player, Newmont sets high standards for corporate governance, environmental stewardship, and community engagement, affirming its role as a responsible corporate citizen in Ghana.