Ghana's Trading Hub News

Ghana gets 15% revenue addition through Natural resources

Earnings from natural resources including oil and gas contributed about 15 percent of total Government of Ghana revenue in 2014, the Extractive Industries Transparency Initiative (EITI) Report says.

This was far below that of Nigeria, which is number one in Africa with 96 percent of natural resources contribution to government revenue mainly from crude oil; Chad, 66 percent; Mauritania, 35 percent; Zambia, 32 percent and Cameroon, 31 percent.

The earnings were expected to go down in 2015 following declines in price of crude oil and gold on the world market.

The report stated that in the majority of the 51 EITI countries, revenues from oil, gas and mining accounted for more than 20 percent of government’s total income.

According to the report, 21 gold and oil companies in Ghana made payment of US$1.213 billion to the government as taxes, royalties, dividends, host government’s production entitlement, state-owned company production entitlement, licenses and concessions in 2014.

They included Tullow and Kosmos Energy, AngloGold Ashanti, Newmont, Gold Fields and West African Quarries.

The report explained that Ghana is the second largest gold producer in Africa. However, local communities had become increasingly wary about the operations of mining companies and the level of contribution they make towards local development programmes.

“Royalties represented approximately 99 percent of the sector’s contribution on the sub-national level but 10 percent of royalties are earmarked to be transferred from central government to local government authorities and traditional land-owning authorities affected by mining activities”, it explained.

Funds are channeled through the Office of the Administrator of Stool Lands (OASL). Another 10 percent is transferred to the Mineral Development Fund.

Between 2006 and 2011, six district assemblies in the mining areas of the Ashanti Region received a total of about US$1m in royalties.

While Ghana earned $1.93 billion from oil exports in 2015, it accrued $3.21 billion dollars from gold exports alone.

The Progress Report is the EITI’s annual overview of the progress to improve transparency and governance of natural resources in the EITI countries. It complements the reporting from the EITI Board to the EITI Members’ Meeting and annual financial reporting.

Over 90 major companies involved in oil, gas and mining have been committed to supporting the EITI, through operations in implementing countries, international-level commitments and industry associations. The EITI has won the support of over 90 global investment institutions that collectively manage over US $19 trillion.

51 countries have so far implemented the EITI but 31 have met the EITI complaint including Ghana.

Source:http://spynewsagency.com/ghana-gets-15-revenue-addition-through-natural-resources/

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