UPDATE 1-Ghana to review corporate tax exemptions for resources sector

ACCRA, April 4 (Reuters) - Ghana plans to review its processfor granting corporate tax exemptions to mining and oilcompanies as part of measures to eliminate fraud and boostrevenues, its vice president said on Wednesday.

Mahamudu Bawumia said tax exemptions claimed by someresources companies were not transparent, and in some cases, notbacked by records. He did not directly accuse any individualcompanies of wrongdoing.

"Improper accounting of resources on the part ofconcessionaires is a major source of revenue loss and it is forthis reason that we are reviewing the exemption process," hetold a meeting of donors and Ghana tax and customs agencies inthe capital Accra.

Last month the International Monetary Fund called on Ghana -Africa's second biggest gold producer and a nascent crudeexporter - to adopt additional measures to boost revenues.

Official data was not immediately available on the volume oftax exemptions claimed by companies in the resources sector.However, finance Ministry data seen by Reuters showed that Ghanagranted a cumulative three billion cedis ($678 mln) in taxexemptions last year.

"Our experience is that these costs that some miningcompanies actually incur are really a black box. They are nottransparent. We don’t really know," Bawumia said.

Mining companies operating in Ghana include South Africa'sAnglogold Ashanti, Asanko Gold and NewmontMining while oil production is dominated byLondon-listed Tullow Oil and Kosmos Energy.(Reporting by Kwasi KpodoEditing by Joe Bavier and Susan Fenton)