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Newmont Ghana is the most outstanding corporate taxpayer Paid significant tax in 2011

Source: Modernghana.com

Adiki O. Ayitevie, Director, External Affairs & Communications at Newmont Ghana receiving the award from the Deputy Minister of Finance and Economic Planning, Fifi Kwetey.

Source: Modernghana.com

3/23/2012 7:44:28 PM -

For its compliance and commitment to paying the right tax due government, Newmont Ghana has been awarded the most outstanding corporate taxpayer for 2011.

In 2011, Newmont Ghana paid over $152 million (GH¢ 241 million) to the Large Tax Payers Unit of the Internal Revenue Service. The amount paid included payments on corporate tax, income tax, stabilisation levy and withholding tax.

The Ghana Revenue Authority (GRA) in recognition of its tax payment compliance cited Newmont Ghana as “demonstrating good corporate citizenship in the prompt payment of its taxes”.

“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,” said Mr Dave Schummer, Senior Vice President, Africa Operations.

According to a study by Prof Ethan Kapstein, a renowned political economist and sustainable development expert, shows that Newmont Ghana's Ahafo Mine, in 2009:

1. Was a major contributor to Ghana's economy, generating
• Nearly 10% of the nation's total exports (USD 528 MM)
• About 4.5% of its total foreign direct investment in 2009

2. Directly and indirectly supported
• About USD 174m of Value Added
• Some 48,000 jobs in Ghana

3. Played a significant developmental role in the communities around the Ahafo mine; in 2009 alone, it

• Provided 99 local companies with nearly USD$ 6 million in contracts and thereby
• Supported more than 400 jobs, not including direct mine employment.

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.