Company Transparency Initiative

We work against corruption in all its forms, including extortion and bribery by supporting the Company Transparency Initiative (EITI). As committed in 2014, we continued our support of the CTI by publishing our payments to the Government of Ghana and by also providing a quarterly statement of the expected payments each of our regulatory and traditional authorities were expected to receive.

During 2018, we publicly reported the payments we made to the Government of Ghana including: royalties, fees, permit, licenses, SSNIT, VAT, pay as you earn taxes, import duties, withholding tax and the stabilization levy. As at the end of 2018 our Eastern region operations have paid in excess of US$ 326 M in Government payments life to date, of which US$ 103 M were royalty payments.

The payment of royalties to the Government triggers a legislated distribution to the Mineral Development Fund (10%) and the Administrator of Stool Lands (10%). The Mineral Development Fund money is to be used for community projects and to support mining sector institutions. The portion paid to the Administrator of Stool Lands is divided amongst the Administrator of Stool Lands (10%), the District Assemblies where the gold was produced (49.5%), the Traditional Council (18%) and the Stools (22.5%).

Transparency Anti-Corruption