by GREGORY MTHEMBU-SALTER
Despite attempts by the government to get more revenue from the sector, multinational mining companies are still keen on Ghana’s prospects.
Ghana’s government may have raised its royalty tax to a flat 5 percent in 2012, hiked corporate tax from 25 percent to 35 percent and continued to mull over a 10 percent windfall profits tax, but mining companies remain bullish about their prospects in the country.
“We face these pressures for increased resource nationalism all over the world. So Ghana’s new taxes are not exceptional,” said Richard Duffy, AngloGold Ashanti’s executive vice-president for continental Africa, who spoke to The Africa Report at the Mining Indaba in Cape Town in early February.
“When we merged with Ashanti in 2004, we paid a combination of cash and shares to achieve certain fiscal terms. In effect, we compensated the government in advance.
Read the original article on Theafricareport.com : Ghana – South Africa: Gold shines on | West Africa
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