Ghana records increasing mineral revenue amid profit fears

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Ghana saw a 17 per cent rise in mineral revenue in the first quarter of this year as it earned US$577.9 million, compared with US$493 million for the same period in 2007, with gold playing a significant part.

The Ghana Chamber of Mines said rising prices of gold and manganese contributed to the revenue rise.

It said despite a whopping decline in manganese shipments from 417,503 tonnes to 233,252 tonnes in the first quarter, it contributed US$13.4 million, compared to US$10 million for the same period in 2007.

Revenue from diamond, however, declined by 10 per cent in the quarter at US$6.8 million, but showed a significant improvement of 42 per cent over revenues in the fourth quarter of 2007.

Similarly, bauxite revenue fell by 31 per cent on account of low shipment of the mineral from the port.

The Ghana Chamber of Mines said increasing cost of inputs could lead to lower profits and result in diminishing payment of corporate taxes and dividends to government. Panapress .

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