Kofi Ahovi

  The Ghana Chamber of Mines has released its latest report on the performance of the mining sector, highlighting its significant contributions to the country's economy. According to Dr. Ign. Kenneth Ashigbey, CEO of the Chamber, the mining sector remains a vital pillar of Ghana's economy, generating GHc17.7 billion in tax revenue and accounting for 24.3% of direct domestic tax revenues in 2024. The report reveals that the mining sector's tax revenue contribution solidifies its position as the largest contributor to tax revenue from economic activities. Mineral export proceeds reached $11.9 billion, surpassing combined export earnings from crude oil ($3.9 billion) and cocoa ($1.9 billion). This underscores the sector's central role in Ghana's external trade performance, accounting for 58.4% of gross merchandise export earnings in 2024. Furthermore, $4.9 billion in mineral revenue was returned to Ghana through the Bank of Ghana and commercial banks, representing 70.8...

  OF every cedi collected in tax revenue this year, more than 55 pesewas will be used to service the debt. When measured against this year’s projected total revenue and grants, debt service cost is estimated to wipe off more than 43 pesewas of every one cedi that will be accrued to the state. This follows the upward revision in interest payments in the mid year budget review on June 25. The Minister of Finance, Ken Ofori-Atta, told Parliament that interest payments was expected to increase from the initial estimate of GH¢37.4 billion in the 2022 budget presented in November last year to GH¢41.3 billion. Ofori-Atta said the revision was mainly on account of inflationary pressures on interest rates, and exchange rate depreciation that resulted in higher cost of financing in the case of external interest. Cedi fall The minister’s concerns were reinforced by accounting and auditing firm, PricewaterhouseCooper’s (PwC), which said the increment in debt service cost was the result of the ...