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President Akufo-Addo reopened the AngloGold The Ashanti gold mine in Obuasi, which was effectively closed since 2014.
This is the embodiment of a campaign commitment he made to the people of Obuasi in the run-up to the 2016 general election.
S addressing Chiefs and the people of Obuasi on Tuesday he noted that when he took office, a series of discussions and negotiations had taken place.
The final result is the re-development project of the Obuasi mine.
"In order to help Anglogold Ashanti to secure the necessary investments for this project, the government was to provide a number of tax incentives and ensure the stability of the project against changes in the legal environment, particularly at the beginning of mine operation, "he said.
The President added: "It is expected that all agreements reached, including the vigorous implementation of the national content policy, will be scrupulously honored and executed.
"The initial investment in the redevelopment project amounts to $ 881 million, with a total investment of $ 1.6 billion expected for the life of the mine, from duration of 22 years. The entire investment package has been approved by Parliament. "
With about 2,500 jobs to be created, he was confident that Obuasi, a once vibrant city, would be brought back to life, with improved living conditions for its residents.
He said the government is expected to generate revenues of about $ 2.16 billion over the next 22 years, in the form of royalties, corporate taxes and withholding taxes.
"I badure the management and staff of the mine that the sequence of events that led to the closure of the mine will no longer occur under the supervision of this government.
"The days of encroachment on the company's concession, as evidenced by the years 2010 to 2016, are over," he added.
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