Ghana: mining, quarrying contribute $3 bln to economy

(AGI) - Accra, Aug 24 - Mining and quarrying sector in Ghana has generated over $3.1 billion in revenue to the country?s economy. This occurred in the 2015 financial year. Of this amount, a little over $465,000 was returned to Ghana through the Bank of Ghana as mandatory surrender. Mineral revenue returned to the country through commercial banks as voluntary repatriation was a little over $2.1 billion. Of the total revenue accrued that is $3.1 billion, figures from the Ghana Revenue Authority shows $2.6 billion was returned to Ghana which comes up to 85 percent of the total revenue accrued. The figures published by the Ghana Chamber of Mines, shows total fiscal payment from the $3.1 billion amounted to $377.3 million of which a little over $130 million went into mineral royalties, $124 million into corporate tax. $108 million went into Employee Income Tax Payments (PAYE) while $234,000 went into other taxes, meanwhile dividends paid to the state amounted to US$13 million and property rate payments amounted to $978,000. (AGI) .