Mining Industry Largely Contributed Ghana's Economic Development

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According to Ghana Revenue Authority (GRA), the minerals and mining sector in 2017 contributed overall total mining fiscal of GH¢ 2.16 billion, an increase of 31 per cent over GH¢ 1.65 billion in 2016.

Corporate income tax receipts had also been on the rise while mineral royalty revenue grew from GH¢550.7 million to GH¢702.4 million over the same period.

Gold exports increased from 3.84 million ounces in 2016 to 4.61 million ounces in 2017 on account of a rise in the output of large-scale producers, increase in volume of gold exported by Licensed Gold Exporting Companies, and exports of manganese.

Bauxite also expanded from 1.14 million tonnes to 1.47 million tonnes over the same period.

It has also emerged that the Minerals and mining sector is the leading source of foreign exchange for the country from the export of commodities. The share of mineral receipts in total merchandise export in 2017 was 43 per cent, while proceeds from the country’s major export commodities; cocoa and oil, accounted for 19 per cent and approximately 23 per cent of merchandize export revenue in 2017.

In essence, receipts from the export of gold were slightly higher than the sum of receipts of cocoa and oil put together in 2017.

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