Mid-year budget: Mining firms demand cut in growth levy

The Ghana Chamber of Mines is calling on the government to reconsider the recent increase in the Growth and Sustainability Levy from 1% to 3%, ahead of the upcoming mid-year budget review.

According to the Chamber, the hike poses a significant burden, especially on smaller mining firms that lack the revenue scale of larger operators, making compliance difficult and threatening the viability of some businesses.

At a press briefing in Accra, the Chamber’s CEO, Dr. Kenneth Ashigbey, stressed that a reduction in the levy would not only stabilise the mining sector but also encourage further investment.

“Our hope is that the levy will be reduced in the mid-year budget. The macroeconomic indicators are improving, and the Cedi’s strength today is largely driven by gold,” he said.

Dr. Ashigbey highlighted the sector’s key role in supporting Ghana’s economy, noting that in 2024 alone, mining companies sold 358,218 ounces of gold to the Bank of Ghana under the domestic gold purchase program.

Additional contributions through the Voluntary Forex and Gold Purchase Initiative have further boosted the country’s reserves and strengthened the Cedi.

He urged policymakers to acknowledge the mining industry’s strategic contribution and ensure its sustainability is factored into future fiscal decisions.