Ghana Chamber of Mines Commits to Collaborative Solutions Amidst Growth and Sustainability Levy Concerns
The Ghana Chamber of Mines has reaffirmed its commitment to working with the Ministries of Lands and Natural Resources and Finance to find solutions that mitigate the impact of the Growth and Sustainability Levy (GSL) on financially distressed companies. This commitment comes amidst concerns over the proposed increase in the GSL from 1% to 3%.
According to Ahmed Nantomang, External Affairs and Communications Director at the Ghana Chamber of Mines, "We are committed to collaborating with the Ministries of Lands and Natural Resources and Finance to find solutions that mitigate the levy's impact on financially distressed companies while supporting government revenue goals."
The GSL increase has raised concerns among mining companies, particularly those producing manganese and bauxite, which have not benefited from the recent gold price surge. The Chamber has emphasized the need for a more nuanced approach to the levy, taking into account the diverse needs and challenges of different mining companies.
As the Ghana Chamber of Mines continues to engage with the government and other stakeholders, it remains committed to finding solutions that balance the needs of the mining industry with the government's revenue goals.
The government announced plans to increase the Growth and Sustainability Levy on mining companies from 1% to 3% in its 2025 budget, aiming to ensure Ghana reaps greater benefits from its extractive sector.
Finance Minister Cassiel Ato Forson emphasized that Ghana has failed to capitalize on its natural resource wealth, with natural resource rent accounting for 14% of GDP, while revenue from the extractive industry contributes only 1.5% of GDP.
The Chamber has consistently raised concerns about the levy since its introduction and maintains its position following the rate hike. Despite this, the Chamber remains committed to finding solutions that work for all stakeholders.
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