Parliament has passed an amendment to reduce the Growth and Sustainability Levy imposed on gold mining companies from 3 percent to 1 percent of gross production, in a move aimed at easing pressure on the sector.
The decision comes in response to concerns raised by industry players about the cumulative tax burden created by new royalty regulations tied to global gold prices. Analysts say the adjustment is intended to maintain Ghana’s competitiveness as a mining destination while ensuring continued revenue generation for the state.
However, stakeholders including the Ghana Extractive Industries Transparency Initiative have argued that the levy, even at the reduced rate, still imposes a significant burden because it is calculated on gross production rather than profit.
Industry experts warn that while the reduction is a step in the right direction, further reforms may be needed to strike a balance between attracting investment and maximising national benefits from natural resources.
Source: Newsghana.com
