Accra: Ghana's Parliament has passed the Growth and Sustainability Levy Amendment Bill 2025, raising the levy on gold mining companies from one to three per cent of gross production. The amendment also extends the levy's application period to 2028.
According to Ghana News Agency, Dr Cassiel Ato Forson, the Minister of Finance, emphasized the need for the government to capitalize on rising gold prices to enhance revenue for national development. He highlighted this during the parliamentary debate to approve the bill, stressing the importance of leveraging current gold prices to support the country's development efforts.
However, the bill faced opposition from Mr Alexander Afenyo-Markin, the Minority Leader, who cautioned that the increased tax could negatively impact the private sector, especially within the extractive industry. He expressed concern that the mining sector, already facing challenges, would be further strained by the tax hike.
Despite the objections from the Minority, the bill was approved through a majority vote. The passage of the amendment bill is anticipated to generate additional revenue for the government, which has been actively seeking to bolster its finances amidst ongoing economic challenges.
The Growth and Sustainability Levy, initially introduced in 2023, replaced the National Fiscal Stabilisation Levy with the goal of raising revenue for national development and social protection. The levy is imposed on specified entities, including gold mining companies, at a rate ranging from one to five per cent of their profit before tax or gross production.
