Business News of Tuesday, 8 May 2018Source: Veep MediaGhana’s 10% carried interest in mining companies is virtually useless - Bawumiaplay videoDr. Mahamudu Bawumia, Vice PresidentThe Government of Ghana’s ‘carried interest’ in mining operations, usually 10 percent, is “virtually useless” and has yielded zero dividends for government for years, depriving the people of Ghana of considerable amounts of domestic revenue, Vice President Dr Mahamudu Bawumia has disclosed. Vice President Bawumia made the disclosure at the launch of the IMF’s Regional Economic Outlook for sub-Saharan Africa in Accra on Tuesday 8th May 2018. Citing the issue of Ghana’s ‘carried interest’ in the mining sector, the Vice President stated that “If you look at the existing natural resource regime, Ghana in the mining sector for example, has a carried interest of about 10% and out of this carried interest the expectation is that Ghana will receive dividends. “When we look at the data, however, we see a matrix of zeros as far as the dividends that Ghana earned from this carried interest.

Source: GhanaWeb May 08, 2018 18:00 UTC