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Pulse Business Wrap 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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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.

In other news, Japanese car maker Mitsubishi Motors has admitted using improper fuel tests since 1991, following last week's revelation that it had falsified fuel economy data for more than 600,000 vehicles sold in Japan.

The company's share prices  have seen a 50% drop since the scandal errupted.

Tetsuro Aikawa, its president, said an investigation was continuing, suggesting that more irregularities might be found.

 

We go to the currency market now where

Currency                      Buying                         Selling

Dollar                            3.80                             4.10

Pound Sterling             5.48                              5.78

Euro                             4.28                              4.58

 

On how your stocks performed on the GSE Index today

CAL Bank were the biggest losers of the day, dropping 3p to close at 89p, whereas,

Ghana Commercial Bank Limited  made  the biggest gains of the day,  gaining 7p to close at 3.02

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