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19.06.2020 Business & Finance

Promoting Sustainable Local Gold Industry

…CBTG Projects Ghc200m In Tax Revenue For 2020
Mr Daniel Krampah-CEO OF CBTGMr Daniel Krampah-CEO OF CBTG
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The Chamber Of Bullion Traders Ghana (CBTG), a representative body of Government licensed gold dealers and suppliers of mining logistics including all allied activities in mining has projected to rake in about Ghc200 million for government in tax revenue by the close of 2020.

The Chamber which serves as an advocacy, lobby and representative body for the buyers and exporters of gold produced by licensed miners in the country currently holds membership of over twenty licensed gold dealers and providers of related services and their contribution accounts for over 35% of gold exports from Ghana.

In a statement released to the press under the hand of the Chief Executive Officer(CEO) of the Chamber Mr. Daniel Krampah, it stated that the Chamber seeks to promote a sustainable gold industry in Ghana and has been working with the Ghana Revenue Authority to generate revenue for the country. Since the middle of May 2020 the Chamber, in collaboration with GRA, has been collecting withholding tax for the Government. Projections indicate that about GHC200million will be collected at a 3% withholding tax on gold exports for 2020 from licensed Small Scale Miners.

The statement indicated that the 3% tax revenue will be paid or collected before gold will be exported from the country unlike other circumstances and situations where the state realizes nothing from exporters. The Chamber also projects that 20 tons of gold will be exported by the end of 2020 and this will bring about US$1.1 billion foreign exchange into the country.

He said, to further strengthen Government’s policy on value addition, the Chamber is in talks with local refineries to refine gold it buys from Small Scale gold miners before it is exported. It is estimated that by the first quarter of 2021 members of the Chamber and local refineries will formalise working relationship with overseas refineries for accreditation for the commencement of export of refined gold.

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