Mining fails to produce golden era for Ghana

Posted on / Global Economy - Mining fails to produce golden era for Ghana.

As the FT notes:

In the past 18 years alone, miners have extracted 36m ounces of the yellow metal from Ghana’s seams, generating about 40 per cent of export earnings. Fewer Ghanaians live in poverty now. But a third of them still cannot read, and a quarter will not see their 40th birthday.

Tax breaks and other incentives mean that of mining revenues totalling $2.1bn last year, only $146m – or 7 per cent – was paid to the state in royalties, taxes and dividends, according to the Chamber of Mines.

The Tax Justice Network is active in Ghana.

It needs to be - as the FT notes, there is continuing injustice in the country.