Ghana lost billions by delaying windfall tax on mining - Steve Manteaw - MyJoyOnline

Contributing sentiments towards policy:

54% : "That you agree creates some discrimination.
53% : "But in the oil sector, around the same time, when we're developing the petroleum revenue management framework, we provided for an extra profit tax in the form of an additional oil entitlement.
52% : Speaking on Joy News' PM Express Business Edition on Monday, he explained that proposals for an extra profit tax in the mining industry had been made more than a decade ago but were never implemented.
52% : " He explained that such a tax is designed to allow resource-owning countries to capture a share of the extraordinary profits companies make during commodity price booms.
51% : " According to him, the Ghana Extractive Industries Transparency Initiative (GHEITI), of which he was a member, proposed introducing a windfall tax on mining companies as far back as 2012.
51% : "I recall that as far back as 2012, my committee, that is the Ghana Extractive Industry Transparency Initiative, proposed to the government to adopt a windfall tax for the mining sector.
51% : " "And without compulsion, willingly paid the extra profit tax.
49% : "So as we speak, in fact, I think last year, one of the companies, I'm not too sure, it must be Petro SA, paid extra profit tax to the state because it had exceeded the threshold.
48% : " He explained that Ghana eventually opted for a sliding scale royalty system in the mining sector as an alternative to a windfall tax.
47% : "So because we did not have an extra profit tax arrangement in the mining sector, we decided to go for the alternative, which is a sliding scale.
46% : Policy analyst and natural resource governance advocate Dr Steve Manteaw says Ghana may have lost billions in potential mining revenue by delaying the introduction of a windfall tax regime for the sector.
46% : "At the time, I recall the gold price was around $1,600, so the industry kicked back and said, Look, this is not the time to be talking about extra profit tax.

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