Government receives $174million as part payment from sale of Newmont's Akyem Mine

1d ago | Source: GNA

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 represents a substantial portion of the over $220 million due to the state from the transaction.

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.
Newmont also presented a separate $50 million Cheque to the Government, representing Ghana's carried interest in the transaction.

The sale of the mine was valued at nearly $1 billion.

Dr Forson commended Newmont for its good faith and commitment to upholding its tax obligations, reminding the delegation of the expectations of the Government under the Growth and sustainability Levy and urged them to continue in the spirit of transparency and partnership.

He assured them of the Government's resolve to address infrastructure challenges in mining communities.

"As a matter of urgency, I will engage the Roads Ministry to commence work on the Kumasi-Kenyasi road, with an expected construction timeline of 12 to 18 months.