Ghana’s government has received a significant financial boost following the part payment of capital gains tax by global mining giant Newmont. In a facebook post by Finance Minister Ato Forson, he announced that the company presented a cheque of $174 million to the Ministry of Finance, representing a substantial portion of the over $220 million owed to the state from the sale of its Akyem Mine.
The cheque was officially handed over by a delegation from Newmont, led by Mr. Danquah Addo-Yobo, Head of Finance for the Africa–Canada Business Unit. The transaction, valued at nearly $1 billion, also saw an additional $50 million remitted to Ghana as its carried interest in the deal.
Receiving the delegation, Finance Minister Hon. Cassiel Ato Forson expressed appreciation for Newmont’s demonstration of good faith and its commitment to meeting its tax obligations. He commended the company for its transparency and urged continued cooperation under the Growth and Sustainability Levy, a key framework introduced to enhance fiscal accountability in the extractive sector.
Hon. Forson also used the occasion to highlight the government’s commitment to improving infrastructure in mining communities. He assured the Newmont delegation that urgent steps would be taken to address the longstanding challenges on the Kumasi–Kenyasi road. The project is expected to commence soon, with an estimated completion timeline of 12 to 18 months.
This substantial revenue inflow is expected to support ongoing fiscal consolidation efforts and provide resources for critical infrastructure. The deal also underscores Ghana’s push to enforce tax compliance and maximize benefits from its natural resources through strategic partnerships and robust policy enforcement.
As the government continues its engagement with major players in the mining sector, the Newmont transaction is being hailed as a model for responsible corporate citizenship and effective state oversight.
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