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Chamber of Mines dismisses calls for windfall taxes on gold

The Ghana Chamber of Mines has dismissed calls for government to impose windfall taxes on gold saying the country already benefits from the rising price of gold on the international market.

The Ghana Mineworkers' Union, which made the call urged government to capitalize on the high prospects of the gold-mining sector to rake in more revenue for the country aside from the corporate taxes and royalties already been paid by the mining companies.

The union cited best practices of major mining economies like Australia which Ghana could replicate but the President of Chamber of Mines; Daniel Owiredu explains to Joy Business this argument is rather flawed.

“This windfall tax thing has been proposed elsewhere but got redrawn for various reasons…all I'm saying is that the perception of windfall needs to be looked at,” he stated.

Meanwhile, a latest report has projected the mining industry to grow by 6.3% year-on-year from 2011 to 2015 and by 5.7% in real terms, reaching a value of 2.84 billion dollars in 2011 alone.

The growth has been mainly attributed to the expansion within the mining sector and Mr. Owiredu says this should ultimate inure to the socio-economic benefit of the country.

Story by Joy Business/Ghana

Date Updated: 2-12-2011

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