The Auditor General has flagged the Controller and Accountant General, the Bank of Ghana, the Ghana Revenue Authority (GRA), and the Minerals Commission for failing to disclose the amount of tax collected from gold exports in 2023.
According to the Auditor General, an audit of nine gold mining companies revealed that these companies exported gold valued at GH₵53.1 billion in 2023.
However, there is no available data from the Bank of Ghana, GRA, the Controller, or the Minerals Commission to verify how much in royalties was collected from these exports.
The Controller and Accountant General, Kwasi Adjei, acknowledged that accounting for gold-related revenues is a developing issue but assured that the department is managing the funds received accordingly.
He added that as long as the GRA successfully collects the funds and reports them to the Controller and Accountant General’s Department, the department can account for them in the national financial records.
“But when it comes to accounting for gold, there are some technicalities involved in getting the figures right, including provisions. So when the auditors brought this observation to our attention, we acknowledged it.
“The way forward is to start establishing the systems and rules of engagement with all the relevant parties to ensure that we obtain the appropriate information on a timely basis for inclusion in the national accounts.”
Mr. Adjei explained that the Controller and Accountant General’s Department uses the spot exchange rate and obtains the figures from the balance sheet provided in the bank statement.
He noted that when instructions are received from the Ministry of Finance, the department writes to the Bank of Ghana to handle the distribution of funds. This process can take several days before the accounts are properly distributed and debited.
“We at the Controller’s office wait until the account is debited, and we use the spot rate at that time to do the computation. That is where the discrepancies are coming from.”
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