INVESTORS AND MEDIA Media releases
February 2017: Gold Fields Ghana Limited (GFGL) was the nation’s largest corporate taxpayer in 2016, according to the Ghana Revenue Authority (GRA). The GRA recognised Gold Fields at an awards function held a couple of weeks ago.
Gold Fields contributed GHS355m (US$75m) directly through royalty and corporate income tax payments, and an additional GHS146m (US$31m) through employees’ Pay As You Earn (PAYE), as well as tax payments on behalf of its local contractors and suppliers. During 2015 GFGL was the country’s second largest taxpayer.
GRA commended the company for its performance. “Gold Fields is not only one of the biggest contributors to our tax revenue, but one of the most compliant companies with payments and filing of taxes. You have consistently been part of the top taxpayers in Ghana and your contribution to national development in general is significant,” the GRA said.
Gold Fields’ Executive Vice President for West Africa, Alfred Baku, commented: “The award confirms the mining sector’s contribution in general, and Gold Fields’ in particular, to Ghana’s economy and development. By creating a stable business environment, government enables businesses to expand, which in turn provide significant returns to the state via taxes and royalties.”
He mentioned that the company’s contribution extends beyond the statutory payment of taxes and royalties, to include employment, infrastructure provision, and investment in sustainable community development.