The government has laid before Parliament the Growth and Sustainability Levy Amendment Bill, which seeks to reduce the tax on gold mining companies from 3 per cent of gross production to 1 per cent.
The move forms part of efforts to cushion gold mining firms following the introduction of the Minerals and Mining Royalty Regulations, 2025.
The Legislative Instrument establishes a sliding-scale framework that allows royalty rates to be adjusted in response to fluctuations in international market prices, enabling the state to earn more during periods of high commodity prices.
However, the Minority Caucus has raised concerns that the new L.I. could cost Ghana up to one million jobs and make the mining sector less attractive to investors.
In response to these concerns, the government says the proposed reduction in the Growth and Sustainability Levy is intended to mitigate the potential impact of the Minerals and Mining Royalty Regulations on mining companies.
