The Government of Ghana has taken a major step toward strengthening its domestic revenue base and improving infrastructure in mining regions, following a landmark tax payment by Newmont Corporation.
Newmont presented a $174 million cheque to the state as part payment of capital gains tax resulting from the sale of its Akyem Mine, a transaction valued at nearly $1 billion.
This payment covers a substantial portion of the total estimated $220 million tax liability from the deal.
Newmont also handed over a $50 million cheque representing Ghana’s carried interest in the sale.
The payments were received by Finance Minister Dr. Cassiel Ato Forson during a ceremony in Accra, where he lauded Newmont for its transparency and commitment to fulfilling its tax obligations.
He stated ““I use this opportunity to remind you of the expectations of government under the Growth and Sustainability Levy, and urge you to continue in the spirit of transparency and partnership.”
He commended Newmont’s leadership, led by Danquah Addo-Yobo, Head of Finance for the Africa–Canada Business Unit, for their cooperation and good faith.
The Finance Minister further assured that the government is prioritizing the rehabilitation of critical infrastructure in mining communities, with particular attention to the Kumasi–Kenyasi road, a vital link for communities affected by mining activities.
Dr. Forson announced that formal discussions with the Ministry of Roads and Highways would commence immediately, with construction expected to be completed within 12 to 18 months.
Source: www.kumasimail.com
