The Ghana Chamber of Mines has officially petitioned the Finance Committee of Parliament to reexamine the Growth and Sustainability Levy’s projected rise from 1% to 3%, as stated in the Budget Statement for 2025.
According to the Chamber, the steep increase may have a big impact on the expansion and sustainability of the mining industry.
Members of the Finance Committee and Finance Minister Dr. Cassiel Ato Forson have been invited by the Chamber to voice its concerns as part of its lobbying activities.
The Ghana Chamber of Mines’ CEO, Sulemana Konney, told Citi Business News that he was hopeful that continued talks will result in a fair solution that lessens any possible harm to the sector.
“We see continued engagement with the Ministry of Finance, the Minerals Commission, and our sector ministry as crucial,” Konney stated. “Backed by data, we aim to ensure that the legislation does not have unintended consequences on the mining industry. Our discussions so far have been positive, and we believe that by carefully examining the numbers, we can reach an equitable solution that satisfies all stakeholders.”
Konney underlined the necessity of a well-rounded strategy, recognizing Ghana’s present economic difficulties while warning against actions that would impede the sustainability and expansion of the mining industry.
“At the end of the day, balance is key. While we recognize the country’s fiscal difficulties, the proposed levy increase should not compromise the industry’s long-term viability. We are encouraged by our progress but acknowledge that more work remains,” he noted.
The Chamber is optimistic that its concerns will be addressed in the Mid-Year Budget Review.
“The mid-year budget review provides an opportunity to recalibrate fiscal policies based on insights from budget implementation. We expect that our discussions with the Ministry of Finance, Minerals Commission, and our sector ministry will be reflected in the review,” Konney added.