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Browsing by Author "SMITH, DAVID KOJO"

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    Assessing the effects of taxation on the mining industry (A Case Study of Anglogold Ashanti, Iduapriem Mines)
    (August 2015) SMITH, DAVID KOJO
    Ghana contributes significantly to the global gold production. It is the second largest producer of gold in Africa after South Africa and the 10th largest producer in the world. As a result of Ghana’s gold production capacity, mining companies in Ghana have contributed significantly to the economic development of Ghana over the years through the taxes and royalties they pay. While these taxes are expected to improve the revenue of government for developmental purposes, mining firms believe the current mining tax regime needs to be reviewed to reduce the burden on the already fragile industry. For instance, the Ghana Chamber of Mines has warned that the tax burden is making it unprofitable for the mining industry and is threatening its sustainability. Against this backdrop, the study sought to examine the effect of the current mining tax regime on the sustainability of the mining industry, especially in AGA. Both primary and secondary data were analysed. The study is a descriptive cross-sectional case study and exploratory design using quantitative and qualitative method. The study found that the amount of taxes paid by the mining firms has witnessed substantial decline due to rapid decline in global gold prices. The fall in gold prices, the study observed, has reduced the total revenue of the mining firms and hence the amount of taxes they are able to pay to the government. The study further found that the profitability of the AGA has declined tremendously due to the global fall in gold prices. The study also found that the current financial position is been worsened by the numerous tax burdens confronting the firm. The study recommends that the government should reduce the tax burden on mining firms since doing will improve the financial performance of the mining firm and makes it financially viable for them to continue operations.

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