Accra: Newmont Ghana Limited has presented a cheque for $174 million to the government as part payment of capital gains tax following the sale of Newmont's Akyem Mine. This amount represents a substantial portion of the over $220 million due to the state from the transaction.
According to Ghana News Agency, Mr. Danquah Adoo-Yobo, Head of Finance for Africa-Canada Business Unit, led the delegation to make the presentation to the government through Dr. Ato Forson, the Minister of Finance. In addition to the capital gains tax payment, Newmont also presented a separate $50 million cheque to the government, representing Ghana's carried interest in the transaction. The overall sale of the mine was valued at nearly $1 billion.
Dr. Forson commended Newmont for its commitment to upholding its tax obligations and emphasized the expectations of the government under the Growth and Sustainability Levy. He urged the company to continue in the spirit of transparency and partnership. Dr. Forson also assured the delegation of the government's resolve to address infrastructure challenges in mining communities, noting the urgency to engage the Roads Ministry to commence work on the Kumasi-Kenyasi road, with an expected construction timeline of 12 to 18 months.
