Ghana’s Mining Chamber Urges Government to Cut Growth and Sustainability Levy to 1%

In anticipation of Ghana’s upcoming mid-year budget review, the Ghana Chamber of Mines is advocating for a reduction in the Growth and Sustainability Levy from 3% to 1%. The Chamber argues that the current levy disproportionately affects smaller mining companies that lack the financial resilience of larger operators, making compliance with the 3% rate increasingly difficult.

At a press briefing held in Accra on Tuesday, July 22, 2025, the Chamber’s Chief Executive Officer, Dr. Kenneth Ashigbey, made a strong case for the levy’s reduction. He highlighted that lowering the rate would not only stabilize the mining sector but also act as a stimulus for further domestic and foreign investment.

Dr. Ashigbey pointed to positive macroeconomic indicators as justification for the proposal. He specifically noted the Ghanaian Cedi’s recent stability, which he attributed largely to gold-based initiatives spearheaded by the mining sector, such as the domestic gold purchase program and the Voluntary Forex and Gold Purchase Initiative.

Citing last year’s figures, the Chamber revealed it sold over 358,000 ounces of gold to the Bank of Ghana, which contributed significantly to boosting national reserves. These actions, the Chamber noted, underline the sector’s critical role in supporting the country’s financial health.

The Chamber concluded by urging the government to acknowledge the long-term value of the mining industry in national development planning. A reconsideration of the levy could, according to Dr. Ashigbey, ensure both sustainability and equitable growth across the industry.

Source: Citi newsroom