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recent reforms in fiscal regime of mining sector in ghana

recent reforms in fiscal regime of mining sector in ghana 5

recent reforms in fiscal regime of mining sector . recent reforms in fiscal regime of mining sector in ghana ghana mining vision UNDP in Ghana 22 311 Current Efforts at Addressing Some of the Fiscal Issu Currents efforts at reforming Ghana fiscal regime for solid minerals have been inspired by the findings and recommendations of the Ghana Extractive Industries Transparency 24/7 OnlineNew ...

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TAX REFORMS REVENUE MOBILISATION: A CASE STUDY

A strong and efficient tax system provides the basis for enhanced economic growth and development. Ghana‘s fiscal structure prior to 1983 had generally been characterized by low revenue. As a result, Ghana undertook a number of reforms prescribed by the International Monetary Fund (IMF) and the World Bank under the Economic Recovery

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IMPACT OF MINING SECTOR INVESTMENT IN GHANA: A

The historical importance of mining in the economic development of Ghana is considerable and well documented, with the country’s colonial name -- Gold Coast --reflecting the importance of the mining sector. Gold dominates the mining sector and 1 THE WORLD BANK. 1992, Strategy for African Mining. World Bank Technical Paper No.181, African

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New fiscal regime for mining sector soon – Bawumia

Aug 07, 2018  Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her

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(PDF) The Mining Industry in Ghana: A Blessing or a Curse

Curre ntly, Ghana‟s mining sect or contr ibutes approximately 40% of G ross Foreign Exchange (GFE) earnings and accounts. for approximately 5.2% of GDP (Ghana Minerals Comm ission, 2006). In ...

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Overview: Ghana’s Oil and Gas Fiscal Regime

Ghana’s Petroleum Fiscal Regime refers to a set of laws, regulations and agreements which; Regulate Ghana’s petroleum operations and Define the Host Government and the Contractor’s share of economic benefits accruing from petroleum exploration and production. To achieve this, Ghana has adopted a fiscal system which

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An economic recovery underway in Ghana - IMF 3news

Jul 21, 2021  The Interneational Monetary Fund (IMF) has said that an economic recovery is underway in Ghana and growth is expected to rebound to 4.7 percent in 2021, supported by a strong cocoa season and mining and services activity, and inflation remaining within the Bank of Ghana target.

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Fiscal Decentralization and Mining Taxation

Fiscal Decentralization and Mining Taxation Professor James M. Otto Abstract Mineral sector reform efforts have been initiated in many nations during the past decade. These efforts have resulted in new mining regulatory regimes in over 100 nations. As part of the reform process most nations

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Fiscal Regimes for Extractive Industries: Design and ...

income countries. In recent years, proven reserves worldwide have increased while extraction rates have accelerated. No doubt most of this is due to technological change and high prices. Nevertheless, fiscal regimes seem to play a role: for example, fiscal regime revisions from

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Ghana: More revenue through fiscal reforms Extractive ...

Feb 06, 2016  Ghana’s EITI Report findings have also led to other reforms in the fiscal regime, such as establishing a fixed royalty rate and higher ground rents, to increase revenue from the sector. The latest report provides details on the changes made in the legal and fiscal frameworks related to the extractive industries, which can help stakeholders ...

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Financial and monetary policies in Ghana: A review of ...

Dec 01, 2014  This study has reviewed recent monetary and financial policies pursued in Ghana. The paper concludes that generally, while there have been remarkable improvements in the key monetary indicators which suggest relatively effective monetary policies during the period under review, the fiscal imbalance in the country has limited these outcomes.

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January 2020

Tax Exemptions in Ghana’s Mining sector Government revenue from mineral operations in Ghana is primarily derived from corporate income taxes, royalties and dividends from equity participation. Over the years there have been fiscal policy reforms in the sector including tax exemptions: application of a capital allowance of

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IMPACTS OF FISCAL REFORMS ON COUNTRY

unstable regime will deter future investors, hurting the host country’s long-term competitive-ness. # is investor response has been consistent for reforms in low and middle-income coun-tries (such as Tanzania, Guinea, Ghana, Peru, Zambia, Indonesia, and Chile) and high-income

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Mining Law 2021 Laws and Regulations Ghana ICLG

Oct 09, 2020  2.1 Are there any recent political developments affecting the mining industry? Monetisation of mineral royalties. Pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978), the Minerals Income Investment Fund (“the Fund”) was established with an expressed objective of, among other things, monetising the value of Government revenue from mining.

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Mining and agriculture in Ghana: a contested terrain

Ghana’s ERP, the Mining Sector Reform Programme was initiated to restructure mining ... for mines to enhance the mining sector fiscal regime ... role that the mining sector plays in the socio ...

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Political Economy of the Mining Sector in Ghana

Jul 21, 2011  1. Ghana has a long history of mineral endowment, which led in colonial times to the country being known as the Gold Coast. Despite being Africa’s second-largest gold producer, modern-day Ghana has experienced disappointing results in translating this mineral wealth into broad economic development. The net impact of Ghana’s mining sector on its

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THE ROLE OF FOREIGN DIRECT INVESTMENT (FDI) IN THE

ERP 1983. Apart from the general macro-economic policy reforms for the country, there were specific sector policy reforms that sought to boost investor interest in the mining sector, a new Mineral and Mining Law (PNDCL 153) of 1986 vests all minerals in the Government of Ghana on behalf of the people of Ghana.

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An economic recovery underway in Ghana - IMF 3news

Jul 21, 2021  The Interneational Monetary Fund (IMF) has said that an economic recovery is underway in Ghana and growth is expected to rebound to 4.7 percent in 2021, supported by a strong cocoa season and mining and services activity, and inflation remaining within the Bank of Ghana target.

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IMF forecasts 13.9% all-inclusive fiscal deficit for 2021 ...

Jul 26, 2021  The International Monetary Fund has projected that Ghana’s fiscal deficit for 2021 will reach 13.9 percent of Gross Domestic Product. This is 4.3 percent higher than government’s own target of 9.6 percent, but primarily that is because the IMF includes the cost of the financial sector clean up and servicing of the energy sector debts in its computations.

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Ghana Overview - World Bank

Apr 15, 2021  Fiscal pressures arose from costly financial sector reforms in 2018-2020 and the Energy Sector Recovery Program (ESRP), started in 2019. The overall fiscal deficit, including energy and financial sector costs, was therefore already elevated at 7.6% of

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Financial and monetary policies in Ghana: A review of ...

Dec 01, 2014  This study has reviewed recent monetary and financial policies pursued in Ghana. The paper concludes that generally, while there have been remarkable improvements in the key monetary indicators which suggest relatively effective monetary policies during the period under review, the fiscal imbalance in the country has limited these outcomes.

Read More
The Future of Resource Taxation: A roadmap

In addition, the extractive sector is at the crossroads of several global phenomena: the impact of climate change and the impetus to green the world economy, the development of technologies affecting labour markets, and a global momentum against inequalities and in favour of tax reforms. 3.1 ONGOING CHALLENGES TO MINING REVENUE COLLECTION

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India’s mining sector to witness reforms, flurry of ...

The country’s mining sector will see “hectic activities” in the new year with the central government’s approvals for pending mining reforms expected in January itself and efforts ...

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New legislation expected to regulate Myanmar's gemstone ...

The new law hopes to clean up the reputation of Myanmar’s gem mining industry, which had been under international criticism for poor safety and labour standards. The reforms have been a point of contention between those wanting to move Myanmar further towards democracy and accountability, and those who wish to maintain the status quo.

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Mining: Sector Results Profile - World Bank

Apr 14, 2013  The World Bank has supported 41 mining sector reform (technical assistance) projects in 24 countries since 1988. The reforms have contributed to an increase in investment in the mining sector and related economic indicators such as exports, fiscal revenues and gross domestic product (GDP) in recipient countries.

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Mapping the rise of resource nationalism in Africa

Jul 12, 2021  Mapping the rise of resource nationalism in Africa. By Matthew Hall 12 Jul 2021. With African nations among usual suspects for resource nationalism, we look at risk and what regulatory changes could be in the works. The DRC is the source of more than two thirds of the world’s cobalt. Credit: Arne Hodalic.

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recent reforms in fiscal regime of mining sector in ghana

New fiscal regime for mining sector soon Bawumia Posted on August 8, 2018 by Josephine Nettey in Business Government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources, the Vice President Dr Mahamudu Bawumia has revealed.

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Artisanal and Small-Scale Mining Legal Regime in Ghana ...

Artisanal Small-Scale Mining (ASM) has become an issue of national interest due to its evident impact on the environment and society at large. Recognizing the need to regulate the sector, and in response to an intense media and CSO campaign, the Government of Ghana has taken important steps with the establishment of the high level inter-ministerial task force to lead and coordinate government ...

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PEA in the mining/extractives sector

into economic development (Ghana). These studies have helped identify windows of opportunity ... For example, it can help explain why a regulatory framework operates as it does, or why a fiscal regime ... PEA in the mining/extractives sector 5 . meaning reforms that are adequately adapted to an appreciation of context (Tilitonse, 2013; Cabello, ...

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New mining bill tightens regulatory framework

Feb 21, 2020  All these changes, and many more being proposed in the draft new mining law will make for a much tighter operating regime for Ghana’s mining industry, which will

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MNRW-TF: Assisting Resource Rich Countries Mobilise and ...

mining and petroleum fiscal issues to the Ministry of Finance of Ghana and the Ghana Revenue Authority. The project focused on building government capacity to manage fiscal reforms in the natural resources sector and revenue forecasting for the sector. Capacity building in revenue forecasting is still ongoing. Technical Assistance under the TF has

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Ghana GDP From Mining 2006-2021 Data 2022-2023 ...

GDP From Mining in Ghana decreased to 5018.50 GHS Million in the first quarter of 2021 from 6162.40 GHS Million in the fourth quarter of 2020. GDP From Mining in Ghana averaged 4243.30 GHS Million from 2006 until 2021, reaching an all time high of 7327.80 GHS Million in the third quarter of 2019 and a record low of 497.40 GHS Million in the fourth quarter of 2006.

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Ghana’s economic outlook improving but risks remain – IMF ...

Jul 21, 2021  Growth is expected to rebound to 4.7 percent in 2021, supported by a strong cocoa season and mining and services activity, and inflation remaining within the Bank of Ghana target. The current account deficit is projected to improve to 2.2 percent of GDP, supported by a pickup in oil prices, and gross international reserves are expected to ...

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UPDATE ON THE ZIMBABWE MINING POLICIES AND

New Fiscal Framework for the Mineral Sector The development of the new Fiscal framework for the Mining Industry is underway. The Review is intended to streamline fiscal charges and achieve a transparent and competitive fiscal regime for equitable sharing of mining benefits. The government has engaged the consultants that

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The Future of Resource Taxation: A roadmap

In addition, the extractive sector is at the crossroads of several global phenomena: the impact of climate change and the impetus to green the world economy, the development of technologies affecting labour markets, and a global momentum against inequalities and in favour of tax reforms. 3.1 ONGOING CHALLENGES TO MINING REVENUE COLLECTION

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Sierra Leone’s mining sector in focus: 2018 – 2021 ...

Mar 23, 2021  National Minerals Agency (SL): Sierra Leone Telegraph: 23 March 2021: In April 2018, His Excellency, Retired Brigadier Dr Julius Maada Bio became President of Sierra Leone, and, among other things, he promised to transform the minerals sector. The Ministry of Mines and Mineral Resources (MMMR) and the National Minerals Agency (NMA) are spearheading the transformation

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IMF says Ghana's 'economic recovery underway' Business

Jul 21, 2021  The International Monetary Fund (IMF) has said “an economic recovery is underway” in Ghana, adding: “Growth is expected to rebound to 4.7 per cent in 2021 supported by a strong cocoa season and mining and services activity and inflation remaining within the Bank of Ghana target”. The current account deficit is projected to improve to 2.2 per cent of GDP, supported...

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Ghana and the IMF

Fiscal Management of Mining and Petroleum in West Africa. February 27, 2018 - March 1, 2018 - Accra, Ghana. More Conferences. Email notification sign-up. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Modify your profile. Key Questions on Ghana. The last Article IV Executive Board ...

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Ghana’s ‘new path’ for handling oil revenue Africa Renewal

Yusupha Crookes, the World Bank’s country director in Ghana, recently commented, “A mining fiscal regime is only as effective as the combined administrative capacity of the government ...

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