Minister of Finance, Dr. Cassiel Ato Forson
The Minister of Finance, Dr Cassiel Ato Forson, has announced the government’s plans to increase the Growth and Sustainability Levy on mining companies from 1 percent to 3 percent.
Presenting the 2025 Budget to Parliament, the finance minister said Ghana has failed to fully capitalise on its vast natural resource wealth to drive economic development.
He noted that while natural resource rent — the difference between a commodity’s revenue and its production cost — accounts for about 14 percent of GDP, revenue from the extractive industry contributes only 1.5 percent of GDP.
“Despite the global surge in gold prices, Ghana has not been able to take full advantage of this development. We have failed to fully capture the economic rent of our natural resources,” the minister added.
To bridge this gap, the government is proposing the increase in the Growth and Sustainability Levy on gross mining production.
The new rate, set at 3 percent, is intended to ensure that the nation gets its fair share of the windfall from rising gold prices.
The proposal is expected to generate significant revenue to support development, infrastructure, and economic diversification.
This move is aimed at ensuring Ghana reaps greater benefits from its extractive sector.
SP/AE
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