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Mining Industry Calls for Stability in Mid-Year Budget Review

 The Ghana Chamber of Mines has urged the government to prioritize stability in the mid-year budget review, slated for presentation to parliament on Thursday, July 24. Dr. Ign. Kenneth Ashigbey, CEO of the Chamber, emphasized the importance of maintaining a stable fiscal regime to attract investment and promote growth in the industry.

It's crucial that we don't get surprised with any new taxes, and the fiscal regime is kept as stable as possible," Dr. Ashigbey said. 

Briefing the media on the performance of the mining sector for 2024 fiscal year, Dr. Ashigbey highlighted the need for the government to manage deficits effectively to maintain macroeconomic stability, which is essential for businesses to thrive. He also emphasized the importance of acknowledging the industry's contributions to the economy and ensuring its sustainability.

Mid-Year Budget, Ghana Chamber of Mines,

The Chamber's CEO also touched on the issue of the Ghana Stabilization Levy (GSL), stating that while the industry is willing to contribute its fair share, the levy should be fair and reasonable. He suggested that reducing the GSL could incentivize large-scale miners to invest more in the industry.

Dr. Ashigbey concluded by emphasizing the need for a strategy to ensure the sustainability of the mining industry in the long term, particularly in terms of exploring new gold resources to replace depleting reserves.

The Ghana Sustainability Levy, also known as the Growth & Sustainability Levy, was increased to 3% for mining companies in the 2025 budget. This levy is imposed on the gross production of mining companies. The sunset clause, which was previously set to expire earlier, has been extended to 2028. This means that the 3% levy will remain in effect until 2028, providing a more predictable and stable framework for its implementation.

The increase in the levy is aimed at ensuring that Ghana benefits adequately from the recent surge in gold prices and to generate significant revenue to support development, infrastructure, and economic diversification. The government believes that this move will help leverage the country's natural resources for national development, with revenues expected to be channeled into infrastructure projects and human capital investment.

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