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Thursday, August 18, 2022

Government orders Manganese company shutdown over huge losses

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Government has ordered a total shutdown of Ghana Manganese Company effective Tuesday, August 6, following huge financial loss and non-compliance to rules in the operation of the company.

An Audit was instituted following lack of transparency in the operations of the company.

The sector Minister, Kwaku Asumah-Cheremeh, who announced this, said the state had lost huge sums of money from the company.

Explaining further, he said Ghana had lost 12.8 million dollars in additional royalty due to lack of transparency in the operations of the company.

Ghana also lost 79 million dollars in corporate taxes and loss of dividends declared was 6.1 million dollars.

Mr. Asumah-Cheremeh discloses that these infractions were committed between 2010 and 2017.

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