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22.11.2004 Business & Finance

Ministry releases C48bn in timber, mineral royalties

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Accra, Nov. 22, GNA - The Minister of Finance and Economic Planning on Monday announced that it had released a total of 48.511 billion cedis in respect of mineral and timber royalties for part of this year.

In a statement issued in Accra, Mr Yaw Osafo-Maafo said the Forestry Services Division had provided a total of 32.449 billion cedis for the payment of timber royalties for the period January to June.

It said the Ministry had released 16.062 billion cedis to the Administrator of Stool Lands in respect of the payment of mineral royalties for the period January to August.

It said in January, 5.474 billion cedis was paid, 84.6 million cedis in February, 7.457 million cedis in March, 5.478 billion in April and 11.603 million in May. An amount of 5.759 million cedis was paid in June, 4.978 billion cedis in July and 20.55 million cedis in August.

"It is hoped that these huge releases to various Traditional areas will be used to enhance development in the relevant areas," the statement added.

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