Perseus Mining pays GH¢391.2m dividend to Ghana as gov’t pushes for bigger mining returns

Government has welcomed the payment of GH¢391.195 million (US$35 million) in dividends to the state by Perseus Mining (Ghana) Limited, describing the significant increase as a reflection of the company’s improved profitability.

In a post, Finance Minister Dr. Cassiel Ato Forson said the latest dividend represents a substantial increase from the US$5 million paid to the state by the mining company last year.

He expressed appreciation to Perseus Mining for the payment, saying the increased dividend demonstrates the importance of ensuring that Ghana secures a fair share of the wealth generated from its mineral resources.

“On behalf of the Government and people Ghana, I thank Perseus Mining (Ghana) Limited for presenting GH¢391,195,000.00 (US$35 million) dividend to the state—up from US$5 million last year.”

According to the Finance Minister, the sharp increase is linked to the company’s stronger financial performance.

“This strong increase reflects the company’s profitability.”

Dr. Forson stressed that the government remains committed to ensuring that the country derives greater benefits from the extractive sector, particularly when mining companies record higher earnings.

“Ghana must receive its fair share from the extractive sector.”

He said this objective informed the government’s introduction of a sliding-scale system in the mining sector, under which the state’s returns are expected to increase alongside the profitability of mining companies.

“That is why we introduced the sliding-scale system: when mining companies earn more, the people of Ghana must benefit more!”

The latest payment represents a major jump in the state’s dividend income from Perseus Mining, rising from US$5 million last year to US$35 million this year.

The development comes as government continues efforts to increase the fiscal benefits Ghana derives from its mineral resources.

Mining remains a major pillar of Ghana’s economy, with gold accounting for a significant share of the country’s export earnings and foreign exchange inflows.

The government has therefore been pursuing reforms aimed at ensuring that increased profitability in the mining sector translates into stronger revenues for the state and greater economic benefits for Ghanaians.

Perseus Mining’s operations in Ghana include the Edikan Gold Mine, which has been producing gold since 2011 and remains an important asset in the company’s West African portfolio.

The latest dividend payment is expected to further strengthen the government’s position that mining companies should contribute more to national development when their earnings improve.