Mr. Ken Ofori-Atta, the finance minister, has commended Newmont Africa for its compliance with tax and other financial payments to government.
The Minister made this comment when a cheque of ¢184.6 million was presented by Newmont Golden Ridge Limited (Akyem Mine) to the government as dividends for the year 2022.
Receiving the cheque on behalf of government, the Minister of Finance thanked Newmont Africa for its prompt payment of taxes and acknowledged the potential benefits of the Ahafo North project.
“We welcome payments such as these, especially during these challenging times, and we wish to commend you for being prompt with your payments, be they taxes, royalties, or dividends.
“We are aware that the Ghana Revenue Authority (GRA) has recognized you, on several occasions, for your tax compliance. We look forward to the resumption of your Ahafo North project this year, which will bring in even more revenue to the state.”Minster Of Finance, Ken Ofori-Atta
The cheque represents Ghana government’s carried interest in the operations of the Akyem mines.
The cheque presentation was made by executives of Newmont Africa, led by the Regional Senior Vice President of Africa Operations, Mr. David Thornton.
Mr. Thornton expressed his appreciation to the government for its continuous support to Newmont Africa’s Ahafo and Akyem mines.
He further reiterated that the company sticks to its commitment of being a responsible mining company while looking to expand Newmont Africa’s footprint in the country with the Ahafo North project.
“Our Ahafo North project remains a key strategic growth prospect for Newmont Africa, and its successful construction and subsequent operation will have immense benefits to our host communities, the local economy, and the broader economy of Ghana, in terms of employment creation, local supply chain opportunities, as well as taxes, royalties, and dividend payments to government.”Mr. David Thornton
Newmont Supports Government’s Gold- For- Oil Policy
As Part of Newmont Africa’s direct support to the Ghanaian economy in the past year, beyond statutory payments, Mr. Thornton mentioned the company has been of massive support to the government’s gold buying programme that was meant to shore up the country’s gold reserves and help stabilize the economy.
Newmont responded to the Central Bank’s novel initiative which is a very significant milestone in the fiscal history of the country, he said.
Mr. Thornton further communicated that the company proactively engaged the BoG on the governance, risk, compliance, and supply chain requirements associated with the deal, after which it signed an agreement that met all the requirements of both parties in December 2021.
“In spite of global economic challenges that had negatively impacted businesses globally, Newmont Africa was the first mining company to support the government’s gold buying programme by selling 3,500 ounces of gold to government, through the Bank of Ghana (BoG) in May 2022.
An additional 22,500 ounces of gold was sold to BoG in October and November 2022, making a total of 26,000 ounces of gold sold to government in 2022.”Mr. David Thornton
Through a combination of tax payments in USD, as well as making forex available to the Bank of Ghana, Newmont Africa has supported and impacted forex availability to the government of Ghana.
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