The minister of finance, Dr. Cassiel Ato Forson is proposing an increase in the Growth & Sustainability Levy on mining companies from 1% to 3% to ensure the nation benefits fairly from rising gold prices.
The ministry admitted to underutilizing the economic potential of Ghana’s extractive sector and has announced plans to increase revenues from natural resources.
Presenting the 2025 budget on March 11, the finance minister stated that Ghana has “failed to leverage our natural wealth by capturing its rent and channeling it towards productive infrastructure and human capital.”
“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,” the Minister announced.
Despite a significant increase in global gold prices, Ato Forson lamented that Ghana has not been able to take full advantage of the boom. “Whereas global gold prices have seen some significant increase in recent times, Ghana has not been able to take full advantage of this development,” he noted.
To strengthen the small-scale gold mining sector, the government will provide a Cedi equivalent of US$279 million as a revolving fund for the Ghana Gold Board (GOLDBOD) to purchase and export at least three tonnes of gold per week from small-scale miners.
Source: Ghana/Starrfm.com.gh/103.5FM/Deborah Amuzu
