Newmont pays $174m in capital gains tax; Ghana to channel funds into mining community infrastructure

The Government of Ghana has received a $174 million cheque from Newmont as part payment of capital gains tax arising from the sale of the Akyem Mine, which was valued at nearly $1 billion. The payment represents a significant portion of the estimated $220 million due to the state from the transaction.

In addition to the tax payment, Newmont also presented a separate $50 million cheque representing Ghana’s carried interest in the deal.

Finance Minister Dr. Cassiel Ato Forson, who received the delegation from Newmont led by Danquah Addo-Yobo, Head of Finance for the Africa–Canada Business Unit, commended the mining firm for its good faith and commitment to tax compliance.

“I use this opportunity to remind you of the expectations of government under the Growth and Sustainability Levy, and urge you to continue in the spirit of transparency and partnership,” Dr. Forson stated.

The Finance Minister further assured the delegation of government’s readiness to address infrastructure challenges in mining communities, particularly the long-standing condition of the Kumasi–Kenyasi road.

He announced that discussions would begin immediately with the Roads Ministry, with construction expected to take 12 to 18 months.

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