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Amewu fumes at Chinese operator as Ghana Bauxite company declares 4-year loss

Chinese operators of the Ghana Bauxite company have received a drubbing from an incensed Land and Natural Resources Minister over their persistent declaration of losses.

John Peter Amewu who visited the company embroiled in a scandal was at a loss over how it has failed to declare a profit for four years. Conservative estmates suggested the company has declared $29.8m in losses since 2010.

“In 2012, you make a loss, in 2013 you make a loss, in 2014 you make a loss, but in 2015 there was some declaration of profit. In 2016, we are studying your books but…losses”, he criticized managers of the company which produces bauxite at Awaso in the Western region.

He threatened that government may reconsider its shareholding agreement with the Chinese management reminding them that “you don’t own this company 100%, are you aware?”

His visit follows a an investigation by Kwetey Nartey which revealed the company has failed to pay penalty charges of up to $90 million over the past six years.  The company has also failed to pay taxes for most of the time it has been operating in the country.

“We have been shortchanged”, he complained and said government would advise itself after studying the company’s 2017 financial statement.

He chuckled off the company’s request for permission to expand its mining operations, emphatically declining the request.

“That I can tell you will not be granted. because there is no motivation from government to keep encouraging you when you are running losses” the minister said.

 

Source: myjoyonline.com

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