Newmont Africa’s Akyem mine pays GHS184.6 million as dividend to government

The Minister of Finance, Ken Ofori-Atta, has commended Newmont Africa for its compliance to tax and other financial payments to the government of Ghana. The Minister made this comment when Newmont Golden Ridge LTD (Akyem Mine) presented a cheque of GHS 184.6 million to the Government of Ghana as dividend for the year 2022.

The amount represents the Ghana government’s carried interest in the operations of the Akyem mine.

The cheque presentation was made by executives of Newmont Africa, led by the Regional Senior Vice President – Africa Operations, David Thornton.

Mr. Thornton thanked the government for its continuous support of Newmont Africa’s Ahafo and Akyem mines and reiterated the company’s commitment to responsible mining operations 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, as well as the broader economy of Ghana, in terms of employment creation, local supply chain opportunities, as well as taxes, royalties, and dividend payments to government,” said David Thornton.

Newmont commended for compliance
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. He said, “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.”

On Newmont Africa’s direct support to the Ghanaian economy in the past year, beyond statutory payments, Mr. Thornton mentioned the company’s support for the government’s gold buying programme that was meant to shore up the country’s gold reserves and help stabilize the economy. “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 the 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,” he added.

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.