Parliament has passed the Growth and Sustainability Levy Amendment Bill 2025, raising the levy on gold mining companies from 1% to 3% of their gross production.

The amendment also extends the levy’s application period to 2028.

During the debate in Parliament, the Minister of Finance, Dr Cassiel Ato Forson, defended the increase, asserting that the government must take advantage of rising gold prices to generate additional revenue for national development.

However, the Minority Leader, Alexander Kwamina Afenyo-Markin, strongly opposed the bill, warning that the tax hike could negatively impact the private sector, particularly the extractive industry.

He cautioned that the measure could discourage investments and place an undue financial burden on mining companies operating in the country.

"The proposed tax hike, if passed, could have detrimental effect on the private sector, especially the extractive industry. It may discourage much-needed investments and place an undue financial burden on mining companies operating in the country," he stated.

Despite strong opposition from the Minority, the bill was approved through a majority vote.

The passage of the bill comes despite a formal petition by the Ghana Chamber of Mines to Parliament’s Finance Committee, urging lawmakers to reconsider the proposed increase.

The chamber warned that the move could have far-reaching consequences for the country’s mining sector, potentially stifling investments and reducing the industry’s competitiveness.

The levy increase, as outlined in the 2025 Budget Statement, has raised concerns among industry leaders, who argue that the sharp increase could undermine long-term sustainability.

SP/AE

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