The Ghana Chamber of Mines has strongly opposed the proposed 3% Growth and Sustainability Levy, arguing that it could place an undue financial burden on the mining sector and hinder investment. Industry leaders warn that the levy may increase operational costs, discourage expansion, and reduce Ghana’s competitiveness in the global mining market. The Chamber is calling on policymakers to reconsider the tax measure, emphasizing the need for a balanced approach that supports both economic growth and industry sustainability
The Ghana Chamber of Mines has launched a strong appeal to Parliament’s Finance Committee, urging a reconsideration of the proposed increase in the Growth and Sustainability Levy from 1% to 3%. The industry body warns that such a move could have far-reaching consequences, potentially hampering investment, and reducing the sector’s competitiveness.
As part of its strategic pushback, the Chamber has intensified discussions with Finance Minister Dr. Cassiel Ato Forson and members of the Finance Committee. The Chamber’s Chief Executive Officer, Sulemana Konney, remains optimistic that continued dialogue will yield a policy decision that aligns fiscal objectives with the growth of the mining industry.
“We consider ongoing engagement with the Ministry of Finance, the Minerals Commission, and our sector ministry crucial,” Mr. Konney stated.
“Armed with data-driven insights, our goal is to ensure that the legislation does not inadvertently weaken the mining sector. So far, discussions have been constructive, and we believe a balanced resolution is achievable,” he added.
The government‘s motivation for the levy increase is to address fiscal challenges and boost revenue. However, stakeholders within the mining sector argue that excessive taxation could stifle investment, particularly in an environment where global competition for mining capital is fierce.
“At the end of the day, balance is key. While we acknowledge the country’s fiscal constraints, the proposed levy hike must not jeopardize the long-term viability of Ghana’s mining industry,” Mr. Konney emphasized.
The Chamber of Mines sees the upcoming Mid-Year Budget Review as a crucial opportunity for recalibrating fiscal policies. It remains hopeful that the government will take industry feedback into account and refine its approach to taxation in the extractive sector.
“The mid-year budget review presents a prime opportunity to fine-tune Ghana’s fiscal policies. We expect that our engagements with the Ministry of Finance, the Minerals Commission, and our sector ministry will influence key adjustments,” Mr. Konney added.
