Italy's biggest bank, UniCredit, has reported a record annual loss of 14bn euros (£11.7bn; $19bn) and said it plans t
Dr. Toni Aubynn, Chief Executive Officer of the Ghana Chamber of Mines, on Wednesday debunked the perception that most mining companies repatriate all their revenues to their home countries.
He added that in 2011 for instance, mining companies returned about 3.1 billion dollars out of the 4.6 billion dollars of their mineral revenues through the Bank of Ghana and the Ghana Commercial Bank against the statutory requirement of 25 per cent.
Dr. Aubynn said this at a media interaction organized by the Chamber with support from Gold Fields Ghana Limited to update journalists on the activities of the Chamber. He added that the mining sector continued to be the highest contributor to the national purse.
The CEO said contrary to the perception that Ghana is blessed with lots of mineral resources, it is still a mono-mineral economy, since Gold is the only mineral exploited in commercial quantities. Gold exploration accounts for 95 per cent of the entire mineral exploited including manganese, Bauxite and Diamonds.
Other minerals yet to be exploited are kaolin, salt, clay, marble, mica, iron ore and limestone among others. He said in 2011 alone, mining contributed about 540 million dollars to the Ghana Revenue Authority (GRA), representing 27.61 per cent of the total internal revenue collected by GRA. The sector also injected about 27 million dollars to support their communities of operations and other public services.
Dr. Aubynn again indicated mining contributed about 42 per cent of the gross merchandise exports earnings and therefore called for an integrated vision and national policy to regulate the sector. On refinery of Gold, the CEO hinted that establishing a refinery was a complex venture but added, however, that a new refinery was being put up to complement the existing one.
The mining industry, he added, had also propelled the growth and investment in the country such as hotels, airlines and banks, which were also contributing to the revenue base of the country.