Ghana Government receives $5.8 million from Goldfields

Goldfields Ghana Limited has committed $5.8 million to government revenue as dividend on its 2016 account.

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The government of Ghana has received a $5.8 million cheque from Goldfields Ghana Limited as dividend on its 2016 account.

The amount represents government’s 10 per cent carried interest in the Tarkwa and Damang mines, which is operated by the mining company.

Presenting the cheque to the government, Alfred Baku, Executive Vice-President and Head of West Africa Goldfields, highlighted that the major challenges they faced the previous year included a deficit in gold prices and the issue of unstable power supply.

READ ALSO:Goldfields pays 0.5 billion cedis in taxes for 2016

In light of these challenges the company had contemplated the closure of the Damang mine to ensure operations are sustainable and profitable.

The board however decided to keep the Damang mine by reinvesting $1.4 billion beginning this year for the next eight years.

According to Mr. Baku the investment will save the jobs of more than 2,000 workers who’s livelihood were we risk.

Despite surging price of gold in the world market, he said rise is not as nigh as expeted, but it is helpful the business to be more manageable.

READ ALSO:Chamber of Mines donates GH2m towards Ghana at 60 celebrations

He also promised that Goldfields would fulfil its commitment to the government and all stakeholder by investing in their communities to contribute significantly to the country’s development

Finance Minister expressed his gratitude to Goldfields for being faithful to government by and satisfying all other financial obligations to the country and consistently paying dividends

He said, adding the dividends would facilitate the execution of policies and plans outlined in the government’s budget.

READ ALSO:Parliament approves tax cut bills

The minister further stated that GH¢60 million in dividends is supposed to be paid to government from all State Owned Enterprises which would be used to implement policies of government in the nation’s budget.

The Finance Minister assured the company of government’s unflinching support in to aid it meet its and objectives corporate goals.

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