Accra: The large-scale mining sector contributed more than GHS22.2 billion to the economy in 2025, defying a challenging global environment marked by geopolitical tensions, inflationary pressures, supply chain disruptions, energy market volatility, and growing climate-related obligations.
According to Ghana Web, the mining industry's strong performance comes as governments, investors, and civil society groups increasingly question whether resource-rich countries are receiving a fair share of the benefits from rising commodity prices.
Against this backdrop, the Ghana Chamber of Mines and Ghana Extractive Industries Transparency Initiative (GHEITI) have agreed to undertake a comprehensive assessment of the country's effective tax take from major mining concessions. This move could influence future debates on mining revenues, fiscal terms, and resource ownership. Addressing the Ghana Chamber of Mines' 98th annual general meeting (AGM), Chief Executive Officer of the Chamber, Dr. Kenneth Ashigbey, emphasized that the sector remains a major pillar of the economy despite mounting global and domestic pressures.
Beyond revenue generation, Dr. Ashigbey noted that the industry supported 13,819 direct jobs, spent about US$4.2 billion on local procurement, and invested US$88.6 million in community development initiatives during the year under review. The industry's performance comes amid growing calls across Africa for greater value retention from mineral resources and stronger local participation in extractive industries.
Rising gold prices have intensified public scrutiny of the benefits accruing to host countries, with questions increasingly being raised about whether existing fiscal arrangements provide an equitable return to resource owners. It is against this backdrop that the Chamber and GHEITI are seeking to establish a clearer picture of the actual share of mining proceeds retained by the state compared with earnings accruing to mining companies.
The assessment, disclosed during the AGM, is expected to compare the government's take from major mining concessions against company returns and provide empirical evidence to inform a debate that has gained prominence in recent years. Speaking in a solidarity message at the event, Co-Chair of the GHEITI Multi-Stakeholder Group, Dr. Steve Manteaw, said the initiative is aimed at addressing misconceptions surrounding the distribution of benefits from Ghana's mining industry.
Dr. Manteaw expressed satisfaction that the Chamber has accepted GHEITI's proposal to assess the effective tax rates for major mining concessions in Ghana in order to establish the 'Government Take' versus 'Company Take.' He emphasized that the exercise is expected to help address the entrenched but misleading narrative that Ghana receives only about five percent of the benefits generated from mining activities.
Dr. Ashigbey meanwhile said fiscal policy advocacy remained one of the Chamber's key priorities during the year, particularly as mining companies grappled with rising operating costs and increased fiscal pressures. He noted that the Growth and Sustainability Levy (GSL) increase from 1 percent to 3 percent has generated concerns within the industry regarding investment competitiveness and long-term planning.
Dr. Ashigbey also indicated that the Chamber will continue to advocate for the eventual removal of the levy altogether, arguing that a stable and predictable fiscal regime remains critical to attracting long-term investment. The Chamber, he mentioned, also participated in ongoing reviews of the Minerals and Mining Act, advocating reforms in areas including lease administration, stability agreements, and dispute resolution mechanisms.
The AGM, held under the theme 'How Can Responsible Mining and Power Accelerate West Africa's Sustainable Development?', brought together policymakers, mining executives, regulators, and development partners to discuss the sector's future. Speaking at the event, Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah said the government recognizes mining as a strategic pillar of economic growth and a major source of foreign exchange earnings.
The minister noted that government is pursuing reforms aimed at improving regulatory certainty and operational efficiency, including the ongoing digitalization of mineral licensing and permitting processes. He said the measures are expected to reduce delays, improve transparency, and enhance investor confidence.