Audio By Carbonatix
The Ghana Revenue Authority (GRA) is asking some of the nation’s largest companies to pay millions of dollars in back taxes as the cash-strapped government scrambles to raise money and finalise a bailout from the International Monetary Fund (IMF).
Gold Fields Ltd. and Kosmos Energy Ltd. have been told they owe back taxes, as have Tullow Oil Plc and Africa’s largest wireless carrier MTN Group Ltd.
All of the companies dispute the government’s claims.
Government has been forced to allocate most of its revenue to service an estimated 576 billion cedis ($48 billion) of public debt.
“Ghana is clearly facing fiscal and economic challenges at the moment,” Gold Fields spokesman Sven Lunsche said in an emailed response to questions.
“We are hopeful that the government will not resort to unreasonable fiscal measures that will further imperil the challenges facing the corporate sector.”
West Africa’s second-largest economy lost access to international capital markets because of its ballooning debt and loan service costs.
It’s restructuring most of its obligations amid a slump in the cedi, and is seeking a $3 billion loan from the IMF.
Gold Fields is in talks with the country’s tax authority to try and resolve the demand for 2018 to 2020. MTN, which has been ordered to pay $776 million, has until Friday to reach an agreement with the Ghanaian authorities.
Kosmos Energy, headquartered in Dallas, said the authorities claimed the company underpaid certain taxes and other contractual fiscal obligations.
The claim is without merit and Kosmos will “vigorously dispute” it if required. Both Gold Fields and Kosmos declined to give financial details.
A spokeswoman for the Ghana Revenue Authority declined to comment when contacted by phone.
Latest Stories
-
God does not take campaign instructions
4 minutes -
Government moves to address rising accommodation costs at KNUST
4 minutes -
Cristiano Ronaldo marries longtime love Georgina Rodríguez in Portugal
23 minutes -
Luv FM High School Debate: T.I AMASS advances as IBASS makes impressive debut
30 minutes -
Greater Accra Business Merit Awards honours SIM Group of Companies
33 minutes -
Cyberbullying : When social media becomes a tool for public humiliation
42 minutes -
Awerco Construction hands over 130-bed Weija Paediatric Hospital to Health Ministry
49 minutes -
YEA to migrate personnel on public sector salary structure – CEO
49 minutes -
I won’t be part of this selective justice – Atta Akyea rejects Adu-Boahene trial during legal vacation
50 minutes -
GBA has no business responding to law firms’ petitions – Dafeamekpor
58 minutes -
Is Legal Vacation intended for the Bench or the Bar?
1 hour -
NPP accuses Chief Justice of partisan bias over vacation trial warrants
1 hour -
Political parties must stop being ‘seasonal electoral machines’ – Asiedu Nketia
1 hour -
Jatikay Centre backs National Security reorganisation, urges focus on emerging threats
1 hour -
‘Case may not continue without counsel’ – Samson Lardy Anyenini on Adu-Boahene trial
2 hours