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Goldfields Ghana Finance Minister justifies Goldfieds tax exemptions

According to Cassiel Ato Forson, the Ministry of Finance could not have denied Goldfields the tax exemptions, especially after Newmont, another mining company had been given a similar deal.

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Cassiel Ato Forson on Ghanaian economy play

Cassiel Ato Forson on Ghanaian economy

 

Deputy Finance Minister, Ato Forson has justified the award of the controversial 33 million-dollar stability agreement to Goldfields Ghana Limited.

According to Cassiel Ato Forson, the Ministry of Finance could not have denied Goldfields the tax exemptions, especially after Newmont, another mining company had been given a similar deal.

" Others are benchmarking and failure to do it will mean that things will not be as they were which means taking an investment or a financial decision. Failure to do it will mean they are going away and that is why I said that in taxing petroleum or mineral resources in the extraction industry, you really will have to look at what your sub-region is doing," Mr. Forson said.

Government through parliament last month announced its decision to allow Goldfields-Ghana to pay a fixed tax and royalty rate for the next 11 years.

READ MORE: CSOs demand transparency on Goldfields $33m tax exexmptions

This decision has, however, not gone down well with some civil society groups and even the committee that was established to review the agreement granted mining firms like, Anglogold and Newmont-Ghana.

Mr. Forson assured Ghanaians that the interest of Ghanaians and the communities these companies operate in were thoroughly considered when government in granting the stability agreement. to look at revenue but both.

"So you don’t only look at how much you get in terms of how much you are going to benefit, the impact on job, creation, the impact on growth, add them and then form an opinion. So if you are to dwell on one side you make a mistake," he said. 

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