GHANA S MINING FRAMEWORK AND INVESTMENT ATTRACTIVENESS

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1 FIRST EDITION OF AFRICA S MINING WEEK ACTIVITIES IN WEST AFRICA (SAMAO), OUGADOUGOU, BURKINA FASO SEPTEMBER, 2016 GHANA S MINING FRAMEWORK AND INVESTMENT ATTRACTIVENESS JERRY AHADJIE MINERALS COMMISSION, GHANA 1

2 Location Map 2

3 Traditional Minerals Mining Sector Investment Gold Production Sector Contribution Status of Mineral Rights Overview of Ghana s Mining Sector Gold, Bauxite, Manganese & Diamonds Others: Iron Ore, Limestone, clays, kaolin, granites, solar salt etc. Some US$ 15.6 billion invested in mining sector ( ) & has become highest gross foreign exchange earner. 2 nd in Africa after South Africa and 9 th in the World Produced134MTofgold(4.3millionoz.in2014)&113MT ofgold(3.63oz.in2015) 14%ofGovt.Revenue(DomesticTax)in2015,27%in2012 Employs some 22,000 people (large scale mining sector) & about 1 million in small scale mining. As of December 2015, 265 local and foreign companies held Prospecting/Reconnaissance licenses. Additionally, 13 large scale mines are currently operating in the country.

4 MINING SECTOR ENVIRONMENT Ghana has the requisite environment that serious investors need. This includes: Availability of abundant mineral resources with geo-scientific data which is continuously updated; Political and macroeconomic stability; Attractive investment framework, Well structured institutions to reduce corruption & bureaucracy; and Improved mineral cadastre to increase transparency in the management of our mineral resources. 4

5 OVERVIEW MINERAL PRODUCTION TRENDS Trends in Traditional Mineral Production PRODUCTION [Units] 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Minerals

6 OVERVIEW: MERCHANDISE EXPORTS CONTRIBUTION TO TOTAL MERCHANDISE EXPORTS BY KEY SECTORS

7 SOME EXPLORATION AND MINING COMPANIES OPERATING IN GHANA 7

8 A New Gold Mine Commissioned Asankomine expected to boost the country s economic growth by creating jobs for the local people and generating revenue for government

9 A New Gold Mine Commissioned

10 FRAMEWORK FOR MANAGING MINING IN GHANA 1992 Constitution [Section 257 (6)] Minerals Commission Act, 1993 (Act 450) Minerals and Mining Policy of Ghana Minerals and Mining Act, 2006 (Act 703) & Regulations Water Resources Commission Act, 1996 (Act 522) Forestry Commission Act, 1999 (Act 571) Environmental Protection Agency Act, 1994 (Act 490) & Regulations Mercury Act, 1989 (Act 217) Land Policy of Ghana Environmental Policy of Ghana Framework to ensure contribution to the SDGs 10

11 REGULATOR S ROLE The Policy and Regulatory Environment Developed Minerals & Mining Policy which has SD as its guiding principle Basic Geo-scientific Data Availability Ensure Availability of geo-scientific data both in the form of airborne geophysical and geological surveys The Legal Framework/Regime A fair, stable regime based on Good Governance (Act 703) Regime that ensures reasonable revenue to Govt. & Investors Regime that demands environmental protection & Remediation Regime demanding integration with local economy

12 SOME POLICY INITIATIVES The Minerals and Mining Policy of Ghana seeks to establish a framework for sustainable development: Some key policy initiatives being undertaken include: Cleaning of Mining Cadastre: Open Grounds for Exploration Ensuring a good balance between the incentives to attract investors and benefits that accrue to the country Integration with the Rest of Ghana s Economy and Value Addition to Minerals. Diversification of Minerals Exploited Reforms in the Small Scale Mining Sector Amendment to Act 703: Act 900 (Allows for confiscation of equipment) Re-categorisation of mining underway 12

13 Cleaning of Mining Cadastre Concession map 13

14 Ensuring a Balance Between Incentives and Benefits In ensuring a win-win situation for all stakeholders, a comprehensive review of the mining fiscal and regulatory regime has been carried out. Leading to: Predictability and stability of fiscal incentives over time; Transparency and a level playing field for all companies; Broad and active Stakeholder Engagement; and International Competitiveness 14

15 INTEGRATING MINING TO REST OF ECONOMY Local Content Regulations passed to integrate mining to rest of economy Manufacturing of Inputs and Services for the Mining industry Value Addition, production of jewellery, adding value to Bauxite and Manganese Development of Local Procurement List (through Stakeholder Collaboration) 19 Goods & Services Identified for procurement locally In 2015, 78% of Goods & Services procured under the Local Procurement List. This is equivalent to US$184 million. 15

16 INCREASE LOCAL CONTENT IN THE MINING SECTOR Currently 19 Goods & Services are being procured locally. These include: Grinding Media, Explosives, Cement and Cement Products, Electric Cables, Quick and Hydrated Lime, HDPE & PVC Pipes and General Lubricants, Tyre Rethreading Etc.

17 Diversification of Minerals Produced Diversification of Minerals Produced To ensure that economy does not suffer in times of weak gold prices, Explore occurrence of Copper, Lead Zinc, Nickel, Lithium etc. Upscale solar salt production to take advantage of the enormous market in West Africa 17

18 IMPROVING THE COST OF DOING BUSINESS Mineral Concession Cadastre being developed with support from Australian Government. 18

19 On-line Repository Launched Web-based portal where all data recorded in the MCAS pertaining to mineral rights and related revenues are published System designed to enhance transparency, effectiveness, accountability and compliance in the management of mineral rights Portal could be accessed via:

20 ENHANCED MINING PORTAL Ghana Mining Portal September, Africa DownUnder, PERTH, Australia 20

21 FISCAL REGIME

22 GHANA S FISCAL AND REGULATORY FRAMEWORK LAWS, REGULATIONS & GUIDELINES: Minerals and Mining Act, 2006 (Act 703) as amended; Minerals (Royalties) Amendment Act, 2010 (Act 794) ; Internal Revenue Act, 2000 (Act 592) as amended and associated regulations; Value Added Tax Act 1998 (Act 546) as amended and associated regulations; Customs and Excise (Duties and Other Taxes) Act, 1996 (Act 512); Transfer Pricing Regulations, L.I. 2188, 2012 Mining List. Income Tax Act, 2015 (Act 896) 22

23 Ghana s Mining Fiscal Regime Applicable Taxes and Fees Include: Corporate Income Tax Mineral Royalties Personal Income Taxes ( PAYE ) Withholding Taxes Annual Mineral Rights Fees Customs Duties 23

24 Imposts/Benefits Mineral Royalty Rates: Royalty base Current Fiscal Regime Provision 5%, Gross market value of mineral sale Application Fees As prescribed in regulations (L.I. 2176) Surface Rentals Annual Ground rent: Annual mineral rights fees: Income Tax Rate: Capital allowances: Allowable losses: Import Duty Value Added Tax (Prescribed: GHC15/Acre Payable to Minerals Commission, prescribed 35% 20% for 5 years for mining 5 years Carry forward Concessionary rates for Plant, Machinery & Equipment exclusively for mining Machinery apparatus & appliances designed for mining(mining list) exempt Free Carried Interest 10%

25 Imposts/Benefits Transfer Pricing Regulations, L.I. 2188, 2012 Withholding Taxes: Income Tax Rates Current Fiscal Regime Provision Regulations require taxpayers to demonstrate that all transactions between them and their related entities are carried out at arm's length [Effective Date: July 27, 2012] Interest 8% Dividend 8% Royalties 10% Management and Technical Services fees 20% Goods & Services (Residents) 5% Goods & Services (Foreign) 15% Non-Resident Individual -20%

26 Current Fiscal Regime: Others Stability Agreement: To Protect Mineral Right Holder for up to 15 Years from adverse fiscal effects of future changes. Development Agreement: For Investment > US$500million on terms of Stability Agreement, plus more favourable terms than existing law 26

27 OPPORTUNITIES IN THE MINING SECTOR Cleaning Up of the Concessions Map Value Addition to Bauxite and Manganese Iron Ore Deposits Solar Salt(Best Climatic Condition in the Sub Region) IndustrialMinerals Decorative Stones. Service and Engineering Sector Activated Carbon Production 27

28 INVESTMENT OPPORTUNITIES Gold Refinery and Value Added Products Ghana produces over 4 million ounces of gold per annum. Setting up a refinery could serve other gold producers in the sub region Integrated Bauxite-Alumina Aluminium Industry Over I billion tonnes with about 300 million tonnes of contained aluminium.: Deposits: Awaso, Kibi, Nyinahin and Mt. Ejuanema. 28

29 OTHER INVESTMENT OPPORTUNITIES Iron and Steel Development (i) Opon-Mansilateritic iron deposit; (ii) the Shienisedimentary iron deposit; and (iii) the Pudo titaniferous-magnetite deposit Solar Salt Best climatic conditions for Solar Salt production in West Africa. 500 km of shoreline. The White Gold. Chlor-Alkali Industry Utilisation of salt to produce caustic soda, soap and detergent industry but also for the production of alumina 29

30 OTHER INVESTMENT OPPORTUNITIES Industrial Minerals: Potential for domestic use Service and Engineering Sector There are several companies in Ghana providing support services including; contract drilling, assay laboratories, contract mining and geological consultancies to mining companies. Using Ghana as a base, these companies have ventured and expanded their activities into the West African sub-region. Government has through incentives encouraged such companies. Activated Carbon Coconut Husk raw material is readily available Decorative Stone:- High quality Granites as floor tiles. 30

31 MINE SUPPORT SERVICES 31

32 MINE SUPPORT SERVICES September, Africa DownUnder, PERTH, Australia 32

33 Good Governance Practices EITI Complaint KPCS African Mining Vision ECOWAS Directive on Harmonization of Mining Policies Inter-Governmental Forum (IGF) on Mining, Metals and Sustainable Development Voluntary Principles on Security & Human Rights 33

34 CONCLUSION Availability of Geo-scientific Information Good Governance Institutions Good Infrastructure Most Stable Politically A Commonwealth Nation Common Law Legal System Hospitable People 34

35 GHANA: GREAT NATION, HOME OF BLACK STARS 35

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