Ghana has recorded one of its largest tax inflows from a single corporate transaction as Newmont Mining Corporation handed over a $174 million cheque to the government as partial payment of capital gains tax on the nearly $1 billion sale of its Akyem Mine.
In addition to the capital gains tax, Newmont also presented a separate $50 million cheque, representing Ghana’s carried interest in the high-value transaction — further boosting government revenue.
Finance Minister Dr. Cassiel Ato Forson, who received the payment on behalf of the state, lauded Newmont’s transparency and willingness to honor its obligations. “This is a major show of good faith. We urge you to continue in this direction, especially under the Growth and Sustainability Levy,” he said.
The Finance Minister used the occasion to affirm the government’s commitment to improving mining communities’ infrastructure. He disclosed that plans are underway with the Roads Ministry to commence the long-awaited rehabilitation of the Kumasi–Kenyasi road, a key route in Ghana’s mining corridor. The project is expected to span 12 to 18 months once it begins.
With an estimated $220 million expected in total from the Akyem Mine deal, the latest payment by Newmont marks a critical milestone in Ghana’s effort to improve revenue mobilization through effective enforcement of capital gains taxation in the extractive sector.
