By Sheila BOTWE
The mining industry in Ghana performed quite well in 2010, as stated in the 2010 Annual Report and Financial Highlights of the Ghana Chamber of Mines (GCM).
The mining sub-sector grew remarkably by 11.2%, as compared to the 6.8% it recorded in 2009. By this growth performance, the industry came second behind the electricity sub-sector which grew by 16.7% in 2010.
The report indicated that, the 6.8% of Gross Domestic Product (GDP) growth recorded by the economy was in no small measure on account of the impressive performance of the mining industry in terms of its fiscal contribution to the state.
According to the Gold Fields Mineral Survey, Ghana was the 8th leading producer of gold in the world as output increased by 2% to 92 tonnes. It was an improvement on the 9th position it attained in 2009.
These figures were contained in the GCM 2010 annual report released last week by the Chamber at its 83rd Annual Report and Financial Highlights, under the theme, “Building Partnerships for Sustainable Community Development.”
According to the Bank of Ghana, total merchandise export earnings by the traditional minerals (gold, bauxite, manganese and diamond) represented about 49% of gross merchandise exports during the same period.
The mining industry’s revenue therefore contributed significantly in insulating the country against the adverse impact of the global economic downturn.
The Minister of Land and Forestry Resources, Mike Hammah, who was the special guest for the occasion, mentioned that, exploitation of Ghana’s mineral deposits must be made to translate beyond current activities to a higher level for integration and synergies into the local economy across the supply chain.
He added that, there was the need to find creative ways to tackle the issue and the concomitant harm galamsey operators do to themselves, the environment and the communities in which they operate.
The report further indicated that, the mining sub-sector maintained its 2009 position as the leading contributor to the Ghana Revenue Authority’s (GRA’s) collection with total payments of approximately GH¢520 million to the Authority.
Additionally, the report mentioned that, productions from new mines Adamus Resources and Owere mines would increase production beyond the marginal increases in output arising out of existing mine expansion project.
As such, the metal’s revenues are expected to increase in 2011 likewise the expected output of manganese and bauxite.
In all, the expected higher volumes of mineral production and strengthening of gold price is expected to result in increased mineral revenues, with a corresponding increase in mineral royalties and corporate tax payments to government.
The mining industry in Ghana performed quite well in 2010, as stated in the 2010 Annual Report and Financial Highlights of the Ghana Chamber of Mines (GCM).
The mining sub-sector grew remarkably by 11.2%, as compared to the 6.8% it recorded in 2009. By this growth performance, the industry came second behind the electricity sub-sector which grew by 16.7% in 2010.
The report indicated that, the 6.8% of Gross Domestic Product (GDP) growth recorded by the economy was in no small measure on account of the impressive performance of the mining industry in terms of its fiscal contribution to the state.
According to the Gold Fields Mineral Survey, Ghana was the 8th leading producer of gold in the world as output increased by 2% to 92 tonnes. It was an improvement on the 9th position it attained in 2009.
These figures were contained in the GCM 2010 annual report released last week by the Chamber at its 83rd Annual Report and Financial Highlights, under the theme, “Building Partnerships for Sustainable Community Development.”
According to the Bank of Ghana, total merchandise export earnings by the traditional minerals (gold, bauxite, manganese and diamond) represented about 49% of gross merchandise exports during the same period.
The mining industry’s revenue therefore contributed significantly in insulating the country against the adverse impact of the global economic downturn.
The Minister of Land and Forestry Resources, Mike Hammah, who was the special guest for the occasion, mentioned that, exploitation of Ghana’s mineral deposits must be made to translate beyond current activities to a higher level for integration and synergies into the local economy across the supply chain.
He added that, there was the need to find creative ways to tackle the issue and the concomitant harm galamsey operators do to themselves, the environment and the communities in which they operate.
The report further indicated that, the mining sub-sector maintained its 2009 position as the leading contributor to the Ghana Revenue Authority’s (GRA’s) collection with total payments of approximately GH¢520 million to the Authority.
Additionally, the report mentioned that, productions from new mines Adamus Resources and Owere mines would increase production beyond the marginal increases in output arising out of existing mine expansion project.
As such, the metal’s revenues are expected to increase in 2011 likewise the expected output of manganese and bauxite.
In all, the expected higher volumes of mineral production and strengthening of gold price is expected to result in increased mineral revenues, with a corresponding increase in mineral royalties and corporate tax payments to government.
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