Mona Quartey, a former Deputy Finance Minister, has raised concerns about the government’s decision to increase the Growth & Sustainability Levy on mining companies from 1% to 3%.
She warned that the hike could negatively impact the extractive sector, which is vital for the country’s economic recovery.
Finance Minister Dr. Cassiel Ato Forson defended the levy increase during the presentation of the 2025 Budget Statement, stating that it was necessary to ensure Ghana benefits from rising global gold prices.
Additionally, he proposed extending the levy’s sunset clause until 2028.
In an interview on The Big Issue on Channel One TV, Mona Quartey acknowledged the need for revenue generation.
However, she was of the view that the pressure the increased levy might place on the mining industry at this crucial time could be damning.
She emphasised that while the measure might provide short-term benefits, it should not be a long-term strategy due to the sector’s importance in Ghana’s economic recovery.
Mrs Quartey highlighted that the extractive and oil sectors played a significant role in 2024, not just due to price increases but also the high cost of production.
She stressed the need to support these industries, as they bring in foreign currency and will be key in reducing the country’s debt.
Her warning calls for careful consideration of policies that affect the extractive sector, as their long-term sustainability is essential for Ghana’s financial stability.