‘Reconsider VAT On Exploration Inputs’
Vice President Mahamadu Bawumia and the delegation from the Mines Chamber
Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Sulemanu Koney, has appealed to government to reconsider the Value Added Tax (VAT) on exploration inputs that have made Ghana an unattractive mining destination in the sub-region.
According to Mr. Koney, in recent times, most investors had turned their attention to other neighbouring West African countries due to the fiscal reliefs that were being presented to businesses in those jurisdictions.
He therefore called for a look at progressive business enabling policies to help Ghana regain her appeal in the sector.
The CEO made the appeal when a delegation from the Chamber, led by its president, Kwame Addo-Kufuor, and 1st Vice President, Eric Asubonteng, called on the Vice President at the Flagstaff House in Accra.
Vice President Dr. Mahamudu Bawumia, who responded to the concerns raised by the Chamber, assured that teh issue would be captured holistically in next year’s budget.
Adding that government intended to reward responsible mining companies as a way of motivating economic growth, he also expressed optimism at the positive outcome of the various fiscal policies being implemented under the new regime to relieve businesses of the fiscal burdens in their operations.
He revealed that government was inviting business partners into various sectors to create an interrelated economy that could rely on internally generated revenue for key developmental projects.
Furthermore, Dr. Bawumia explained that the NPP administration was keen on ensuring that the local content drive in the industrial sectors were strengthened and made beneficial to local entrepreneurs and businesses, adding that there would be “the creation of linkages among the industries in the country” to bolster value for Ghanaians.
Also, he said there was the need to develop a mutually beneficial relationship between the Chamber and government to ensure that the process became a reality.
On the issue of illegal mining, Dr. Bawumia expressed government’s commitment to developing the Multilateral Mining Integrated Project (MMIP), which was a holistic approach towards tackling the illicit activity.
Mr. Addo-Kufuor, on his part, said the Chamber expected that all of the relevant ministries would demonstrate the same commitment as the Vice President to partner the Chamber to propel the local content agenda and find a lasting solution to illegal mining.
A business desk report