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Business News of Friday, 22 June 2018

Source: citibusinessnews.com

Mine workers wade into $259m tax waiver for Anglogold

The Ghana Mine Workers’ Union is cautioning against agreements that may impact adversely on the country’s mining sector and erode gains so far made.

The concern follows the tax concession granted Anglogold Ashanti as it revamps its Obuasi mine.

Parliament has approved 259 million dollars tax concession to the mining company.

But according to the Minority Spokesperson on Finance, Cassiel Ato Forson, the deal was badly negotiated.

He said Ghana would lose in excess of $300 million and believes a downward review should be sought.

However in an interview with Citi Business News, General Secretary of the Ghana Mine Workers’ Union, Prince William Ankrah said it is necessary for all parties to agree on a common ground.

“We as a union, share the same view as that of the minority, so virtually it is a question of what thinking went into the final bit. Did we reconfirm as to whether that was the only way we can do it to ensure that it benefits the various stakeholders”.

According to Mr. Ankrah, the Minority in Parliament should be given a fair hearing of their concerns with regards to the tax concession to prevent any future misgivings that could arise out of the concession.

“The minority to a large extent has a case in that regard and it is only fair that as part of our democratic dispensation, we don’t “rubbish” what the minority is saying”.

He added, “Otherwise in the medium or long term what it shows consistently is that it may become an issue that if we had listened to all sides and taken a critical look at concerns raised, we would have avoided anything that can harm the mining sector”.

He stressed that both sides of Parliament should resolve to come to an agreement, “So it’s important that some sort of deep seated conversation takes place between the two parties just as we have raised in the MOU that we sent to the select committee”.