The Ghana Chamber of Mines has expressed profound appreciation to the Government of Ghana for scrapping Value Added Tax (VAT) on exploration activities, an intervention the industry describes as timely, strategic, and essential for sustaining the country’s long-term mineral potential.

The announcement was made during the 11th Ghana Mining Industry Awards (GMIA) held at the Movenpick Hotel, where Ing. Dr. Kenneth Ashigbey, Chief Executive Officer of the Chamber, hailed the policy decision as a bold commitment to strengthening Ghana’s competitiveness as a mining investment destination.

Speaking at the ceremony, Dr. Ashigbey emphasised that the removal of VAT on exploration in the 2026 Budget is more than an administrative change; it represents a transformative incentive that will stimulate new exploration, de-risk investments, and help replenish the nation’s mineral reserves.

“This intervention is not just an administrative adjustment; it is a bold commitment to attracting new investments,” he noted. “It will sustain Ghana’s mineral reserves and reinforce the country’s competitiveness as a mining destination.”

He added that the Chamber is hopeful the same collaborative spirit that informed this decision will guide ongoing discussions on the mining royalty regime, ensuring a policy framework that benefits both Ghana and the industry.

Meanwhile, Mr. Michael Edem Akafia, President of the Ghana Chamber of Mines, also commended the government for the VAT exemption, describing it as a strategic move that will secure the future of the mining sector.

He acknowledged President John Dramani Mahama, the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah and the Minister of Finance, Dr. Ato Forson, for their support in advancing this pro-investment fiscal measure.

Industry analysts have long argued that VAT on exploration activities places unnecessary financial burden on mining companies, especially those in early-stage exploration where commercial viability is still uncertain.

The removal of the tax is therefore expected to boost investor interest, expand geological exploration, and accelerate the discovery of new mineral resources.

Dr. Ashigbey further highlighted the broader impact of such progressive policies, noting that exploration-led investments ultimately translate into more jobs, stronger local economies, and expanded community development initiatives across mining regions.

The mining industry remains one of Ghana’s economic pillars, contributing significantly to export earnings, government revenue, and employment.

With this renewed government support, industry leaders believe Ghana is better positioned to attract global exploration firms and unlock new value within its mineral-rich terrains.

Both the CEO and the Chamber President reaffirmed the industry's commitment to partnering with government to develop policies that promote investment, transparency, and sustainable growth.

As the sector embraces new opportunities created by the VAT exemption, the Chamber reiterated that strong government-industry collaboration is key to securing Ghana’s mineral future for generations to come.

As the night concluded, AngloGold Ashanti Iduapriem Mine was crowned Mining Company of the Year, while Dr. Catherine Kuupol Kutor, General Manager of Gold Fields Tarkwa Mine, received the prestigious Mining Personality of the Year award. The late Kwame Addo-Kufuor was also honoured posthumously with the Lifetime Achievement Award for his outstanding contribution to the industry.

The 11th Ghana Mining Industry Awards was proudly sponsored by Gold Fields, AngloGold Ashanti, Zijin Golden Ridge, Newmont, Newcore/Cape Coast Resources, Perseus Mining Ghana Limited, UMA, Sandvik Ghana, Interplast, and Stanbic Bank. Additional support for the event was provided by SMT Ghana, Asanko Gold Ghana, DRA, Mining Tools Ghana, Carmeuse Lime Products, and Liebherr.