Published On: Mon, Oct 19th, 2015

Gold Fields pays dividend to Ghana

financial dividendsACCRA, (CAJ News) – GOLD Fields Ghana (GFG) has announced the payment of US$7 million as an interim dividend to the Government of Ghana for the 2015 financial year.

The amount represents 10 percent of dividends declared, which is due to the government by virtue of the latter’s 10 percent ownership in GFG through a free carried interest.

This is the second dividend payment to government this year.

An amount of $4,5million was paid earlier this year in May.

Between its Tarkwa and Damang operations, GFG had, to date, paid over $87 million in dividends, over $548 million in corporate taxes, and over $439 million in royalties to the Government of Ghana, officials said.

Gold Fields’ Executive Vice President and Head of West Africa, Alfred Baku, who presented the $7 million cheque to the Deputy Minister of Finance, Mona Quartey, noted the country’s political stability and strong democratic credentials gave confidence to the investment community.

He was, however, deeply worried about the ongoing power crisis which has significantly added to the production cost of mining companies.

Meanwhile, Baku announced that GFG, through its Foundation had invested more than $26 million in mining communities, in the areas of education, health, water and sanitation, agriculture and agribusiness, and infrastructure.

The company is currently seeking to partner government to rehabilitate a 33km road from Tarkwa through Abosso to Damang.

“Once completed, this road will revive and enhance economic activities and promote agriculture along that corridor,” Baku said.

Mr Baku maintained that mining could be an important catalyst for long term economic development, and that Gold Fields Ghana is already playing a leadership role in that respect.

CAJ News

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