Ghana’s government has proposed a substantial increase in the Growth & Sustainability Levy, raising the rate from 1% to 3% on the gross production of mining companies operating in the country. This move is designed to ensure that the country receives a fair share of the benefits from the recent surge in global gold prices.
This proposed increase is part of a broader set of fiscal measures aimed at boosting the country’s revenue streams and ensuring that the mining sector contributes more significantly to national development. During the presentation of the 2025 Budget to Parliament, Finance Minister Dr. Cassiel Ato Forson also suggested extending the current sunset clause for the levy until 2028. This would provide a more predictable and stable framework for its implementation.
“Consequently, we are proposing to increase the Growth & Sustainability Levy from 1% on the gross production of mining companies to 3% to enable the nation to have its fair share of the windfall from the increase in gold prices. We also propose to extend the sunset clause to 2028,” he said.
This decision comes at a time when global gold prices have been rising, driven by factors such as inflationary pressures and geopolitical uncertainties. The government believes that Ghana stands to gain significantly from these price increases.
Mining companies in Ghana, which have historically been subject to various tax and royalty schemes, could face higher operational costs due to the increase in the levy. However, the government argues that this is a necessary step to ensure the country’s resources are being fully utilized for the benefit of its citizens.
The extension of the sunset clause is seen as a strategic move to offer clarity and stability for the mining industry, allowing companies time to adapt to the new levy structure. This extended period until 2028 will enable the government to focus on long-term sustainable growth, ensuring that the country’s natural resources are used effectively for national development.
The increase in the Growth & Sustainability Levy is expected to channel more resources into productive infrastructure and human capital development, contributing to Ghana’s broader economic goals.
Source: Bizexcel Partners
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