A perusal of the financial statement of the Ghana Chamber of Mines indicates a total comprehensive income of Ghs 6.2 million was posted for the year 2020.
The total comprehensive income represents a more than 1000 percentage points increment in the Chamber’s income or profit compared to the 2019 figure of Ghs 618,685.
Income realised from gold-related income-generating activities was on the back of a shot up in the price of gold due to the adverse impact of the Covid-19 pandemic as investors sought to convert their assets into bullion (gold) and its related assets, which directly provided the needed momentum for a sustained rise in the price of gold.
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The impressive year-on-year (YoY) increment in the Chamber’s income is however, on the back of significant reductions made due to taxation and administrative expenses of the Chamber.
Revenue, investment income and other incomes accrued to the Chamber totaled Ghs 15.7 million, but was however, reduced to the posted Ghs 6.2 million as a result of some Ghs 9.4 million costs incurred on administrative activities and taxation.
Revenue increased YoY from Ghs 7.9 million in 2019 to Ghs 10.1 million in 2020. Other income(s) increased from Ghs 126,886 to Ghs 4.2 million in 2019 and 2020 respectively.
The Chamber also nearly doubled its total assets value within the period under review.
Total assets grew from Ghs 7.8 million in 2019 to Ghs 14.6 million in 2020. Non-current asset (long-term assets) made up Ghs 6.8 million of total assets with the remaining Ghs 7.8 million being current assets (short-term assets).
With regards to liabilities, the Chamber’s liabilities for the period under review increased by Ghs 521,083 ending 2020 with Ghs 2.01 million liabilities from the Ghs 1.4 million liabilities recorded in 2019.