Ghana rakes in $220 million from Newmont’s Akyem Mine sale
By: Ernest Afram
Ghana has received more than $220 million in tax and equity-related payments from the sale of Newmont Corporation’s Akyem Mine, marking a major windfall from one of the largest mining transactions in recent times.
The payment comprises a $174 million capital gains tax and a separate $50 million cheque, representing the government’s carried interest in the $1 billion deal. The Akyem Mine, located in the Eastern Region, is one of Ghana’s most productive gold mining sites and has been operated by Newmont for over a decade.
The payments were formally presented to the state at a brief ceremony in Accra, where the Minister of Finance, Dr. Cassiel Ato Forson, received the cheques on behalf of the government. He commended Newmont for its transparency and tax compliance, describing the move as a “milestone in Ghana’s drive towards fiscal responsibility and fair resource management.”
“This significant inflow underscores our renewed commitment to ensuring that Ghana’s natural resources translate into real and direct benefits for the people,” he said.
He added that the government is stepping up efforts to monitor and enforce tax obligations, particularly under the Growth and Sustainability Levy — a framework designed to ensure companies contribute fairly to the national development agenda.
The Finance Minister also used the occasion to address long-standing concerns in mining communities about inadequate infrastructure. Citing the deplorable state of the Kumasi–Kenyasi road — a vital route linking communities to the Akyem and Ahafo mining areas — Dr. Forson announced that discussions would begin immediately with the Ministry of Roads and Highways to commence rehabilitation works.
He revealed that the project is expected to be completed within 12 to 18 months, noting that the government is determined to ensure that host communities are not left behind in Ghana’s resource extraction narrative.
“We cannot talk about inclusive development without improving the lives of the people who live closest to these resource sites. This is not just about revenue; it’s about fairness and shared prosperity,” he said. The Ghana Revenue Authority (GRA), in a statement, described the transaction as a benchmark for future resource deals and a sign of improved collaboration between the private sector and state institutions.
