According to the Ghana Chamber of Mines, the mining industry in Ghana brought in a record GH₵17.7 billion in 2024, a 51.2% increase over GH₵11.7 billion in 2023.
At GH₵1.03 billion, dividends paid to the state increased by more than 600%, underscoring the sector’s expanding significance as a main source of domestic income.
Edem Michael Akafia, the Chamber’s president, stated during the 97th Annual General Meeting that the mining sector’s share of overall government revenue climbed from 8.6% in 2023 to 9.5% in 2024, and that its contribution to domestic revenue increased from 8.8% to 9.6%.
“This upturn boosted the mining sector’s share of direct domestic taxes from 22.7% in 2023 to 24.3% in 2024,” Akafia noted.
According to him, mining royalties also saw significant growth, increasing from GH₵2.8 billion in 2023 to GH₵4.9 billion in 2024, a 76.7% increase.
The increase in gross mineral sales, which are used to calculate royalty payments, is reflected in this. Royalties’ proportion of the sector’s overall fiscal contributions increased from 23.7% in 2023 to 27.7% in 2024 as a result,” he continued.
To encourage a safer mining environment, Innocent Haligah, the Chief Director of the Ministry of Lands and Natural Resources, asked mining sector players to work with the Ghana Gold Board.
“The Gold Board was founded in an attempt to tackle issues within the industry. Above and beyond regulation, it represents the worth of our national currency, and we anticipate that all parties involved will cooperate to guarantee a responsible and safe mining environment,” he said.
Haligah also emphasized the importance of concentrating on crucial areas like marketing value addition to mineral resources and local content development, where Ghanaians make up the majority of mining sector personnel.