The Chamber of Bullion Traders Ghana and the Ghana National Association of Small Scale Miners in collaboration of the Ghana Revenue Authority (GRA) have collected Fifty Two Million, Three Thousand, Three Hundred and Forty-Six Ghana Cedis, Sixty Five Ghana Pesewas (GHC52,003,346.65) as withholding tax from licensed gold exporters by close of June mid-year 2022.
Overall picture or breakdown as captured in table.1 below shows that total gold exported by licensed gold traders for the first half of year 2022 was Eight Thousand, Three Hundred and Ninety Three kilograms, Ninety Eight grams (8,393.98 kg). This amounted to Five Hundred and Four Million, Five Hundred and Eighty Seven Thousand, Nine Hundred and Eighty Five US Dollars, Six Cents (US$504,587,985.06).
This in Ghana Cedis was Three Billion, Four Hundred and Ninety Four Million, Nineteen Thousand, Nine Hundred and One Ghana Cedis, Ninety Six Ghana Pesewas (GHC3,494,019,901.96).
Total Withholding tax paid for the six months period was Fifty Two Million, Three Thousand, Three Hundred and Forty Six Ghana Cedis, Sixty Five Ghana Pesewas (GHC52,003,346.65).
Table 1: Returns on Gold Export for January to June 2022
|Month||Net Weight (kg)||Gold Value (US$)||Gold Value (GHC)||Withholding Tax (GHC)|
A comparative analysis between Table 1. which is mid-year collection for 2022 and Table 2 representing same time mid-year last year 2021, it’s obvious that the quantity of gold exported, it’s total value in US Dollars and the withholding tax realized from mid-year 2022 has seen a quantum leap way over and above that of 2021.
Table 2: Returns on Gold Export for January to June 2021
|Net Weight (kg)||Gold Value (US$)||Gold Value (GHC)||Withholding Tax (GHC)|
Source: PMMC Assay Laboratory