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Third World Network questions agreement between gov't and Goldfields
Dr Yao Graham, Co-odinator of TWN, at a press conference in Accra last Monday, said the move was illegal which needed not to be condoned.
Dr Yao Graham, Co-odinator of TWN, at a press conference in Accra last Monday, said the move was illegal which needed not to be condoned.
Government last month granted a stability agreement to Goldfields after a series of meetings and negotations.
Under the stability agreement which spans 10 years, government has granted tax concessions and incentives to Goldfields to the tune of $33 million in their two (Damang and Tarkwah) mines currently operational in the country.
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But Dr Graham said Goldfields is to pay lower royalty as compared to other mining companies from a flat five per cent of revenue to a sliding scale royalty based on the gold price from January 1, 2017.
In a separate interview with Citi FM, he said government has "violated the law on the face of what has been published so they should provide information that will discredit what I am saying.”
He stressed that while it is necessary to help the distress company, he insisted that the law must be followed.
The mining company has been reeling under revenue shortfalls in recent years, leading to massive layoffs and downsizing of operations in the country.
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