Government receives $174m as part payment from sale of Newmont’s Akyem Mine

Newmont Ghana Limited has presented a $174 million cheque to the Government. This payment is for capital gains tax from the sale of Newmont’s Akyem Mine.

The amount represents a large part of the over $220 million owed to the state.

Danquah Adoo-Yobo, Head of Finance for Africa-Canada Business Unit, led the delegation. They made the presentation to Dr. Ato Forson, the Minister of Finance.

Newmont also gave a separate $50 million cheque to the Government. This amount represents Ghana’s carried interest in the transaction.

The mine's sale was valued at nearly $1 billion.

Dr. Forson praised Newmont for its commitment to tax obligations. He reminded them of government expectations under the Growth and Sustainability Levy.

He urged them to maintain transparency and partnership with the Government.

Dr. Forson assured that the Government will address infrastructure issues in mining communities.

He stated he would engage the Roads Ministry urgently about road construction. The Kumasi–Kenyasi road project has an expected timeline of 12 to 18 months.