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Ghanas Mining Fiscal Regime: H2 2014

Published: Jan-2015 | Format: PDF | Timetric | Number of pages: 15 | Code: MRS - 3123




Timetric’s Ghana's fiscal regime report outlines the governing bodies, governing laws, licenses, rights and tax-related information for six commodities: gold, copper, manganese, bauxite, diamond and iron ore.


Executive summary

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 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.



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


Reasons to buy


To get an overview of Ghana's mining fiscal regime.


Key highlights


The Ministry of Land and Natural Resources has the responsibility of managing the country’s land, forest, wildlife and mineral resources. 
The Environment Protection Agency is the agency 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 policies
The Minerals and Mining Act, 2006 act details the process of obtaining mineral rights, and licenses are required to conduct mining activities.. 
The Small Scale Mining Act 1989 provides for the licensing of small scale mining operations and related matters.


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 Timetric
6.6 About Timetric
6.7 Timetric’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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