Parliament Amends Growth And Sustainability Levy, Raises Gold Mining Tax Ro 3%
Parliament has passed the Growth and Sustainability Levy Amendment Bill 2025, increasing the levy on gold mining companies from one to three per cent of gross production.
The amendment also extended the levy’s application period to 2028.
Dr Cassiel Ato Forson, the Minister of Finance, said the government must leverage rising gold prices to boost revenue for national development.
Dr Forson who made the remark during the parliamentary debate to approve bill said the country must take advantage of the current gold prices to increase revenue for its development.
However, Mr Alexander Afenyo-Markin, the Minority Leader, opposed the bill cautioning that the tax hike could adversely affect the private sector, particularly the extractive industry.
“This tax increase will have a negative impact on the private sector, especially the mining industry, which is already struggling,” Mr Afenyo-Markin warned.
Despite the Minority’s objections, the bill was approved through a majority vote.
The passage of the amendment bill is expected to generate additional revenue for the government, which has been seeking to boost its finances amidst economic challenges.
The Growth and Sustainability Levy was introduced in 2023 to replace the National Fiscal Stabilisation Levy, with the aim of raising revenue for national development and social protection.
The levy is imposed on specified entities, including gold mining companies, at a rate between one and five per cent of their profit before tax or gross production.
Credit: myjoyonline.com
