ModernGhanalogo

FEATURED: 'ofori-Atta's Performance Shockingly Abysmal; He Fooled Hypocritical I...

body-container-line-1
22.09.2020 Business & Finance

Bullion Traders, Small Scale Miners Pay Over GHC90m In Taxes To Gov’t

By Julian Owusu-Abedi
Bullion Traders, Small Scale Miners Pay Over GHC90m In Taxes To Gov’t
LISTEN SEP 22, 2020

The Chamber Of Bullion Traders Ghana (CBTG), a representative body of Licensed Gold Exporters(LGE) and Ghana National Association of Small Scale Miners(GNASSM) have honoured their tax obligation to government from the month of May to August 2020 alone to the tune of Ghc90 million in withholding taxes.

In a press statement signed by the Chief Executive Officer(CEO) of the Chamber Mr. Daniel Krampah, he indicated that from the middle of May 2020, the Chamber in collaboration with the Ghana Revenue Authority(GRA) have been collecting withholding tax on gold exports from licensed gold traders and the small scale miners for the Government.

From mid May to end of August 2020 about nine tons of gold was exported which brought in about $526.32 million dollars in foreign exchange into the country.

The promotion of sustainable mining industry in the country has been one of the cardinal points of the Chambers activities. Since its formation the Chamber and Ghana National Small Scale

Miners Association(GNSSMA) have been working hand in hand with the GRA to generate revenue for government.

Mr Krampah stated that given what they were able to achieve or realized between just May and August, the Chamber is projecting about Ghc200 million tax to be collected by the close of the year 2020, at a 3% withholding tax on gold exports by the LGEs and its agents as well as the Small Scale Miners in the country.

He said, for the month of August 2020 alone, the Chamber in collaboration with GRA collected over GHC12.96million as Withholding Tax on the export of gold.

The CEO also stated that the Chamber is currently in talks with the local refineries and are very optimistic that their discussions to get them on board will yield positive results so that gold bought from small scale miners will be refined here to add value before it is exported.

Again he hinted 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 refining of gold in Ghana before it is exported.

The CEO pointed out that currently private gold refineries in the country (which are lying idle) have the capacity to refine about twenty-two (22) tons of gold per month and this capacity will increase to about twenty-six (26) tons per month when the refinery being put up at the Precious Minerals Marketing Company (PMMC) becomes operational. With this capacity gold produced by small scale and large scale mines in the country and even gold from the West African sub-region can be refined in the country.

The CBTG also supplies mining logistics and consumables as well as allied services to the mining sector in Ghana. Its members offer buying, exporting and related services to the mining sector whilst promoting sustainable mining industry in the country as has been one of the cardinal points in the Chambers activities.

Powered By Modern Ghana
body-container-line