The Chief Executive Officer of the Minerals Income Investment Fund(MIIF), Edward Koranteng, has underscored the need for Ghana to review its tax regime in terms of exploration in the mining industry since it is gradually becoming a disincentive to investors.
According to him, Ghana is losing foreign investment in the mining industry as a result of the high tax regime whereas favourable tax regimes exist in other countries within the West African sub-region.
â€œIn terms of exploration, I think we are losing a lot of opportunities. We are losing exploratory investments to the likes of Burkina Faso and Mali, these are countries that are bedeviled with coups and wars but the reason why we are seeing most of these gold mining companies moving into these jurisdictions is because of the tax regime. I think our tax regime for exploration is a bit too high and it is becoming a disincentive to investorsâ€, he stated.
Speaking to Empire News on the sidelines of the just ended Ghana Mining Week in Takoradi, Mr. Koranteng emphasized that for Ghana to rake in more gains from royalties there is the need to review the tax regime in order to attract more investment.
â€œ MIIF intends to work with GIPC, Minerals Commission, the Ministry of Lands and Natural Resources, and the GRA to look at the tax regime and work on bringing in investors in the exploratory sector because that is where the potential isâ€, he revealed.