Gov't pays outstanding Timber and Mineral royalties

Government has paid out 35.4 billion cedis to settle outstanding mineral and timber royalties, Mr Yaw Osafo-Maafo, Minister of Finance said on Friday.

"It is my hope and prayer that these huge releases to various traditional areas will be used to enhance development in the relevant areas."

A release signed by the Finance Minister and faxed to the GNA said the payment was in response to requests and complaints made over the years for the payment of outstanding royalties.

It said an amount of 5.7 billion cedis has been released to the Administrator of Stool Lands to settle all outstanding mineral royalties for 2000.

"Out of the outstanding mineral royalties of 12.7 billion cedis for the year 2001, an amount of 6.4 billion cedis (50 per cent of the balance) has been released to the Administrator of Stool Lands as part-payment to the beneficiaries."

Mr Osafo-Maafo said; "regarding the outstanding timber royalties of 15.3 billion cedis covering the period 1991-2000, the sum of 7.654 billion, half of the balance, has been paid.

"The total timber royalties of 7.2 billion cedis for the year 2001 has been paid to the various beneficiaries by the Forestry Services Division" the statement said.

Mr Osafo Maafo said, "For the year 2002, a total amount of 8.422 billion in respect of Timber royalties has been paid to the various beneficiaries for the period January-June by the Forestry Services Division."

It said the amounts were transferred from the Consolidated fund into the account of the Administrator of Stool Lands for disbursement to the Office of the Administrator of Stool Lands, District Assemblies, Traditional Councils and Stools.