Newmont Pays $174 Million in Capital Gains Tax to Government Over Akyem Mine Sale
The Government of Ghana has received a cheque of $174 million from Newmont Corporation as part payment of capital gains tax from the nearly $1 billion sale of the Akyem Mine.
The amount represents a substantial portion of the estimated $220 million capital gains tax due the state from the transaction.
In addition, Newmont presented a separate cheque of $50 million to the government, representing Ghana’s carried interest in the deal.
Finance Minister Dr. Cassiel Ato Forson, who received the Newmont delegation in Accra, commended the global mining firm for honouring its tax obligations and demonstrating good faith in its dealings with the state.
“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 during the presentation ceremony.
Government to Address Mining Infrastructure Deficits
Touching on broader developmental concerns, the Finance Minister assured the Newmont delegation that government remains committed to addressing critical infrastructure needs in mining communities.
He specifically referenced the long-standing condition of the Kumasi–Kenyasi road and disclosed that formal engagement with the Ministry of Roads and Highways would begin immediately to fast-track rehabilitation works.
“The construction is expected to take 12 to 18 months once discussions are concluded and the necessary approvals are secured,” he added.
The payment of capital gains tax by Newmont follows government’s recent push to plug tax leakages and ensure greater accountability in extractive sector transactions. The Finance Ministry has, in recent months, intensified scrutiny of large-scale business acquisitions and has taken steps to strengthen the legal and regulatory framework around such deals.
The Akyem Mine, located in Ghana’s Eastern Region, is one of the country’s most productive gold mines and a significant asset in Newmont’s global portfolio.
