Newmont Corporation has remitted $174 million in capital gains tax to the Government of Ghana following the successful sale of its Akyem Mine, located in the country’s Eastern Region.
The transaction, valued at nearly $1 billion, is one of the largest mining-related deals in Ghana’s recent history and is now seen as a major contributor to the country’s tax coffers.
Ghana Receives $174M Tax: Ghana Also Receives $50 Million in Carried Interest
In addition to the capital gains tax payment, the government also received a $50 million cheque from Newmont as part of Ghana’s carried interest in the deal.
This carried interest represents the government’s stake in the mineral resources extracted, in line with the legal and fiscal frameworks governing mining operations in the country.
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Finance Minister Acknowledges Newmont’s Compliance
The remittances were formally presented to Finance Minister Dr. Cassiel Ato Forson by a Newmont delegation led by Danquah Addo-Yobo, Head of Finance for the company’s Africa–Canada Business Unit.
Dr. Forson commended the multinational for honouring its tax obligations, stating that Newmont’s compliance sets a strong example for other players in the extractive industry.
Sustainability Levy Also Highlighted
During the meeting, the Finance Minister reminded the company of its ongoing obligations under the Growth and Sustainability Levy, a tax introduced to mobilize funding for national development priorities.
He urged Newmont to maintain transparency and partnership in all future financial dealings with the Ghanaian state.
Tax Revenue to Support Infrastructure in Mining Communities
In a related development, Dr. Forson disclosed that part of the mining-related revenue will be allocated toward long-overdue infrastructure projects in areas impacted by mining activity.
He specifically referenced the Kumasi–Kenyasi road, a critical route for residents and mining logistics, as one of the first projects to receive funding.
Discussions with the Ministry of Roads and Highways are reportedly set to commence immediately, with the construction timeline projected to span between 12 and 18 months.
Ghana’s Tax Gains from Mining Sector Continue to Grow
This development highlights the growing importance of taxation in the mining sector as a reliable revenue stream for Ghana.
Tax experts have noted that capital gains tax collections — often underutilized or underreported — can offer substantial income to resource-rich economies when transactions are properly tracked and enforced.
Newmont’s payment may also set a precedent for future mine transfers, signaling that capital gains tax enforcement in the sector is no longer optional but a statutory necessity.
