Ghana’s Mining Fiscal Regime: H2 2014

Ghana is rich in natural resources such as gold, industrial diamonds, bauxite and manganese. The country’s economic stability is highly dependent on mineral resources.

The mining industry is regulated by the Minerals and Mining Act 2006, and is under the management of the Ministry of Land and Resources and Environment Protection Agency. The Minerals Commission is equally involved in the coordination and implementation of mining policy.

Scope

The report outlines Ghana's governing bodies, laws, licenses, mining rights and key fiscal terms, including royalty, corporate income tax, depreciation, gift tax, rent tax, capital gains tax, loss carry forward, withholding tax and VAT.

Key Highlights

• The Ministry of Land and Natural Resources has responsibility for managing the country’s land, forest, wildlife and mineral resources.

• The Environment Protection Agency is responsible for the protection and improvement of the country’s environment.

• The Minerals Commission is a government agency responsible for the regulation and management of Ghana’s mineral resources, while coordinating and implementing mining policy.

• The Minerals and Mining Act, 2006 act details the process of obtaining mineral rights, and the licenses required to conduct mining activity.

• The Small-Scale Mining Act 1989 provides for the licensing of small-scale mining operations and related matters.

Reasons to buy

Gain an overview of Ghana's mining fiscal regime.

Companies mentioned

Table of Contents

1 Executive Summary

2 The Ghanaian Mining Industry – Governing Bodies

2.1 Ministry of Land and Resources

2.2 Environmental Protection Agency

2.3 Minerals Commission

2.4 Geological Survey Department (GSD)

3 The Ghanaian Mining Industry – Governing Laws

3.1 Minerals and Mining Act, 2006

3.2 Diamond Act 1972

3.3 Small-Scale Mining Act 1989

4 The Ghanaian Mining Industry – Rights and Licenses

4.1 Mineral Rights

4.2 Reconnaissance License

4.3 Prospecting License

4.4 Mining Lease

4.5 Restricted Licence or Lease for Industrial Mineral Right

4.6 Small-Scale Mining License

4.7 Import Duty Exemption

4.8 Mine Support Service Company Licence

4.9 Minerals Purchase and Export, Sell or Disposal Licence

5 The Ghanaian Mining Industry – Key Fiscal Terms

5.1 Royalty

5.2 Corporate Income Tax

5.3 Depreciation

5.4 Gift Tax

5.5 Rent Tax

5.6 Capital Gains Tax

5.7 Loss Carry Forward

5.8 Withholding Tax

5.9 Value Added Tax

6 Appendix

6.1 What is this Report About?

6.2 Methodology

6.3 Secondary Research

6.4 Primary Research

6.5 Contact GlobalData

6.6 About GlobalData

6.7 GlobalData’s Services

6.8 Disclaimer

List of Tables

Table 1: The Mining Industry in Ghana – Fiscal Regime Terms and Other Taxes

Table 2: The Mining Industry in Ghana – Withholding Tax Rates (%), 2014

List of Figures

Figure 1: The Mining Industry in Ghana – Commodity Mines at Different Stages (Number of Mines), 2014

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