The Managing Director of Monex Mining Company Limited, Godfred Kwaku Boateng, has been sentenced to one month in prison for failing to pay GH¢2,500,563.94 in taxes owed to the state for the assessment years 2018 and 2019.
The judgment, delivered by Justice Ruby Aryee at the Accra High Court’s Criminal Court One, noted that while the payment deadline was set for February 2020, Boateng did not fulfill this obligation.
He faced charges under Section 80 of the Revenue Administration Act, 2016 (Act 915) for failing to pay taxes.
Following the ruling, the prosecution expressed approval, underscoring its role as a warning to other businesses about the consequences of tax underreporting.
Prosecutor Joseph Bae Owusu emphasized the Ghana Revenue Authority’s (GRA) mandate to assess, collect, and manage tax compliance in line with national tax laws.
Monex Mining Company Limited, a registered GRA taxpayer specializing in metal and gold ore mining and processing, had its tax records audited for 2018 and 2019.
The audit uncovered substantial underreporting.
After being notified of their outstanding liabilities in January 2020, the company requested to pay in installments, a request initially accepted by the GRA.
However, when their first cheque was dishonoured, the GRA terminated the installment agreement.
By July 2021, Monex Mining had paid only GH¢100,000 of its total tax liability, which, with interest, reached GH¢2,651,307.26.
A later request for a one-month extension to settle the debt also went unmet, prompting criminal charges against the accused.
The court’s decision reinforces the importance of tax compliance for businesses across Ghana.
