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Government to conduct specialized audit on extractive companies

  • SOURCE: Reportingoilandgas | Gideon Ofosu-Peasah
    • POSTED ON: July 19, 2018

    The government of Ghana has indicated plans to conduct special audit of oil, gas and mining companies in its attempt to shore domestic revenues.

    In this vein, local and multinational enterprises in Mining, Oil and Gas sector will be audited to detect issues of transfer-mispricing and tax evasion, which contributes to a lower than expected Tax-to-GDP ratio.

    This is contained in the mid – year fiscal policy review of the 2018 budget statement and economic policy,read by Hon. Ken Ofori-Atta on Thursday 19 July 2018.

    Click here to access the full document

    We recall the Vice President’s, strong indication in May this year on government stance to reject instances where mining companies declare no profit yet engage in active production to avoid paying dividend to the government.

    Dr. Bawumia expressed disquiet about the development disclosed that mining companies operating in the country have since 2012 refused to pay dividend to the government, stating that they made no significant profit.

    Gideon Ofosu-Peasah

    Gideon Ofosu-Peasah

    Policy Analyst at Penplusbytes
    Gideon Ofosu-Peasah is the Policy Analyst and Team Lead for the Extractives Department at Penplusbytes, where he provides insights, advice and leads in producing robust research backed projects for the team. He has over 7 years of experience in the Ghanaian oil and gas industry and has a number of scholarly research papers to his credit which have been published in the prestigious Social Science Research Network(SSRN) electronic journal and on He holds an Msc in Economics with specialization in Energy and Natural Resource Economics from the Kwame Nkrumah University of Science and Technology.
    Gideon Ofosu-Peasah

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