Goldfields engages GRA to make input into fiscal reforms

Gold Fields Ghana Limited has engaged the Commissioner-General of the Ghana Revenue Authority (GRA) to contribute to ongoing fiscal reforms and the review of the country’s mineral laws and tax system.

The discussions aim to improve the investment climate in the extractive sector, particularly mining. The company also raised concerns about key issues in existing mining laws that require attention if Ghana is to attract the necessary investments into the industry.

Senior Vice President and Managing Director of Gold Fields, Elliot Twum, expressed optimism that the engagement would lead to reforms capable of drawing more global players into the sector.

“As part of the Tarkwa lease renewal, there are certain fiscal arrangements that come with the way we operate in the country and are one of the reasons for our visit, especially the development agreement. There are new policy reviews and advocacy coming through because everything is dynamic, and therefore, from a regulatory point of view, it is important for us to reassess what has been in operation over a period of time and begin to question if it’s still fit for purpose,” he said.

Vice President, External Affairs at Gold Fields, and President of the Ghana Chamber of Mines, Michael Akafia, congratulated the Commissioner-General on his appointment and highlighted concerns the industry hopes the new reforms will address. He assured the Commissioner-General of Gold Fields’ support for efforts to improve the fiscal regime of the mining industry.

Welcoming the team, Commissioner-General Anthony Sarpong commended Gold Fields for its social impact initiatives in local communities and contributions to the national economy. He also assured them that work was underway to review the tax system, expressing confidence that Gold Fields and the mining industry as a whole would benefit from the process.

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