The Ghana Revenue Authority’s
collections from the mining industry declined from about US$1.5 billion in 2012
to US$1.1 billion in 2013, representing a fall of about 24 percent.
This was attributed to the depressed
price of the metal had a toll on government revenue as well as the country’s
balance of payment position.
Last year, the average price of gold
dropped by an estimated 15 percent to US$1,411 per ounce. Although the price of
gold seems to have stabilized since the begging of the year at a cumulative
average of about US$1,293 per ounce, pundits expect the price of the precious
metal to remain around US$1,300 per ounce in 2016.
Should this expectation happen, the
consequence on the country’s economy would be dire said, Sulemanu Koney,
Director of Analysis, Research & Finance at the Chamber of Mines at the
fifth mining for development forum held in Accra.
Mr. Koney who speaking under the
topic Revenue Utilisation Amidst Declining Metal Prices, said government’s
receipts from the mining industry, which is mainly from corporate taxes and
royalties, are highly dependent on the price of gold.
He explained that the prevailing
situation requires that the country optimizes the utilization of its mineral
revenue in a manner that yields the best returns and impacts, both at the
national and sub-national level.
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