Newmont Settles Major Tax Arrears of Over $220 Million with Ghana as Dr. Cassiel Ato Forson Confirms

The Government of Ghana has received significant tax payments from the leading American mining company, Newmont Corporation, marking a key milestone in promoting compliance and transparency within the country’s extractive sector.

Earlier today, the Minister for Finance, Dr. Cassiel Ato Forson, welcomed a high-level delegation from Newmont Corporation, led by Mr. Danquah Addo-Yobo, Head of Finance for the Africa–Canada Business Unit. The purpose of the meeting was to officially present tax payments owed to the Government of Ghana following recent asset sales by the mining giant.

During the engagement, Dr. Ato Forson received a cheque of $174 million on behalf of the government. This payment represents a substantial portion of the over $220 million in capital gains tax due from the sale of Newmont’s interest in the Akyem Mine.

In a separate presentation, Newmont also delivered an additional $50 million, representing Ghana’s carried interest from the Ahafo South Mine, which was sold in a transaction valued at nearly $1 billion.

Dr. Ato Forson commended Newmont for its good faith and commitment to meeting its tax obligations. He emphasized that such acts of corporate responsibility are essential to building trust and advancing sustainable development in Ghana’s mining sector.

The Minister also used the opportunity to discuss the Growth and Sustainability Levy with the delegation, highlighting the government’s expectations and reaffirming its commitment to fostering transparent and mutually beneficial partnerships with private sector players.

As part of their discussions, Dr. Ato Forson assured the Newmont team of the government’s determination to address critical infrastructure needs in mining communities. He specifically noted that plans are in motion to begin work on the Sunyani–Kumasi road, a key transport corridor in the Bono and Ashanti regions.

“The Ministry of Roads and Highways has been engaged to ensure that construction of the Sunyani–Kumasi road commences soon,” the Minister stated. “We are targeting a construction timeline of 12 to 18 months for completion.”

This development underscores the government’s broader vision to ensure that Ghana derives full and fair value from its natural resources, while creating a stable and attractive investment environment for both local and international stakeholders.

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In Other News: Ghana Cedi Strengthens Against the US Dollar

As of today, May 21st, 2025, the Ghanaian Cedi has experienced a remarkable appreciation against the US Dollar, with the exchange rate improving from GHS 17.00 to GHS 11.95 per $1. This significant gain reflects renewed market confidence and is expected to alleviate inflationary pressures, reduce import costs, and relieve consumers and businesses nationwide.

Kudos to the Ministry of Finance, under the leadership of Dr. Cassiel Ato Forson, and the Bank of Ghana Board for their outstanding efforts in turning President Mahama’s vision into reality. Their collaborative work has been instrumental in resetting the nation’s economic trajectory and restoring hope for a more prosperous future.

Financial experts continue to analyze the factors behind this positive shift, and further updates will follow as the situation develops. Stay tuned to 12framesonlie.com for more updates on this developing economic story.