Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced the receipt of a significant capital gains tax payment from Newmont Corporation following the company’s recent divestment of its Akyem gold mine.
The transaction marks one of the largest mining-related tax settlements in Ghana’s history and underscores growing calls for transparency and compliance in the extractive sector.
“I was pleased to receive on behalf of the Government of Ghana, a cheque for $174 million 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.”
Dr. Cassiel Ato Forson, Finance Minister
Newmont, a global mining giant, also presented a separate $50 million cheque as payment for Ghana’s carried interest in the deal—affirming its commitment to meeting local obligations while maintaining collaborative relations with the government.
The Finance Minister commended Newmont for its transparency and sense of corporate responsibility.
“I commend Newmont for its good faith and commitment to upholding its tax obligations.
“This demonstrates not only respect for Ghana’s laws but also the strength of public-private partnership in driving national development.”
Dr. Cassiel Ato Forson, Finance Minister
The Akyem mine, located in Ghana’s Eastern Region, is one of the country’s key gold-producing assets. Its recent divestment by Newmont signaled a broader shift in portfolio optimization within the global mining sector, particularly in Africa.
“I used the opportunity to remind the delegation of the expectations of government under the Growth and Sustainability Levy.”
Dr. Cassiel Ato Forson, Finance Minister
Dr. Forson urged Newmont and its counterparts to maintain a spirit of openness, which is essential in attracting further investments. His message resonated with market observers who have long called for clear and consistent communication between the state and private entities to foster investor confidence.
Addressing Infrastructure Challenges for Mining Communities
Beyond fiscal matters, Dr. Forson assured them of the government’s resolve to address infrastructure challenges in mining communities, adding that immediate measures would be taken to engage the Roads Ministry.
Recognizing that mining activities have direct impacts on local development, the Finance Minister assured the delegation of his resolve to improve critical infrastructure.
In a significant policy signal, he announced plans to expeditiously address road network deficiencies that have long hindered efficient movement and economic activity in mining areas.
The highlight of this initiative is the proposed reconstruction of the Kumasi–Kenyasi road, with an expected construction timeline of 12 to 18 months. This road is viewed as critical not only for the mining communities but also for the broader economic development of the region.
The successful execution of the Akyem Mine sale and the ensuing financial contributions from Newmont underscore the positive outcomes of robust regulatory frameworks and good corporate governance.
For Ghana, these funds offer a crucial fiscal boost that can be reinvested in national development projects, especially in sectors that directly impact local livelihoods and economic growth.
The Akyem Mine sale is just one part of a broader strategy aimed at harnessing the full potential of Ghana’s natural resources while ensuring sustainable development.
Dr. Forson’s proactive stance—coupled with Newmont’s demonstrable commitment—suggests that similar transactions in the future could further strengthen Ghana’s economy.
By enabling transparent dealings and prioritizing infrastructure improvements, the government is sending a clear signal that Ghana’s energy and mining sectors are open for business with high expectations for both fiscal discipline and social responsibility.
With a robust policy framework in place and strong signals of accountability and partnership, Ghana is poised to continue attracting significant investments in its mining sectors.
The ongoing commitment to addressing both fiscal and infrastructural challenges will be essential in maintaining investor confidence and ensuring that the country’s natural wealth translates into comprehensive national development.
READ ALSO: Cedi Gains Not Enough for Recovery – IERPP Boss Warns Against Overreliance on Global Trends
