• Ghana proposes new gold royalty scale to boost state revenue

• Government offers levy cut to ease miner opposition to reforms

• Gold exports dominate economy, making royalty changes fiscally significant

Ghana is willing to offer concessions as it moves to introduce a new gold royalty scale designed to increase the state’s share of surging metal prices.

On Tuesday, the government proposed cutting the Growth and Sustainability Levy paid by mining companies, an additional tax introduced to support economic development.

In mid-January, Ghana announced plans for a new royalty regime with a base rate of 9%, rising to as much as 12% if gold prices exceed $4,500 an ounce. The reform would more than double current royalty rates, which range from 3% to 5% at mines such as Ahafo.

The proposed levy cut is aimed at easing industry concerns and helping win support from gold producers, which have pushed back against the plan so far. Under the government’s proposal, the Growth and Sustainability Levy would be reduced to 1% from 3%. Mining firms, however, say the concession does not go far enough.

Kenneth Ashigbey, chief executive of the Ghana Chamber of Mines, which represents major operators, called for the tax to be scrapped altogether, Reuters reported. On royalties, companies would prefer a scale of between 4% and 8%, with 1% earmarked for a development fund for host communities.

“The question is whether the government wants revenue on a sustainable basis or just in the next few years before investments move elsewhere,” Ashigbey said.

It remains unclear whether negotiations are continuing to reach a compromise acceptable to both sides. For Ghana, the revenue impact could be significant. The new scale would allow Accra to secure more than 12% in royalties, with spot gold trading at around $5,060 an ounce on Wednesday.

Gold is Ghana’s top export. In 2025, it brought in $20.9 billion of the country’s $31.1 billion in total exports, far ahead of cocoa and oil. Ghana hosts several major global producers, including U.S.-based Newmont, the world’s largest gold miner, and South Africa’s Gold Fields.

Aurel Sèdjro Houenou