Audio By Carbonatix
The Minority in Parliament has cautioned government that its recent decisions in the mining sector could stifle growth, drive away foreign investment, and lead to increased job losses.
In a letter dated April 21, 2025, addressed to the Ministers for Finance and Lands and Natural Resources, the opposition described a series of recent policies as “potentially dire” for the country’s economic stability.
Signed by the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, Ranking on the Lands and Natural Resources Committee, Kwaku Ampratwum Sarpong, and Ranking on the Finance Committee, Dr. Mohammed Amin Adam, the letter criticized two new tax measures imposed on the industry a 3% Growth and Sustainability Levy on gross mining volumes introduced this year and an additional levy scheduled for 2026 to 2028. The Minority warned that these levies are placing distressed mines under greater financial pressure and discouraging new investment.
“These royalty-like levies are putting several mines already in distress into graver financial difficulties,” the letter stated. The MPs also noted that companies mining other minerals, which have not experienced price surges, are unfairly burdened by the new taxes.
Equally worrying according to the Minority MPs is the recently passed GOLDBOD Act, which bans foreign entities from gold trading and export. The Minority argues that this move not only sends a negative signal to the global investor community but also violates the 1992 Constitution by retroactively affecting existing rights.
The group further condemned the government’s refusal to renew Goldfields Ghana Limited’s mining lease. According to the Minority, this rejection undermines investor confidence and discourages long-term commitments to the country. They argue that Ghana could have used the renewal process to renegotiate better terms rather than push an established operator out.
Concerns were also raised about the government’s decision to defund 80% of the Minerals Income Investment Fund (MIIF), which traditionally supports the state’s equity interests in mining operations. The Minority believes this step reflects a retreat from Ghana’s ambition to hold meaningful stakes in resource development.
In addition to economic concerns, the statement referenced a violent incident at a mine resulting in eight deaths. The Minority linked the attack to anti-investor rhetoric from public figures and expressed dismay at the stalled investigation, which they say further undermines investor confidence.
The opposition also criticised the recent abolition of Community Mining Schemes, warning that this decision has created space for illegal mining activities to expand. They argue that instead of scrapping the initiative, the government should have formalised and regulated it.
Calling for a policy rethink, the Minority urged the government to restore lease renewals, offer incentives, avoid hostile rhetoric, and establish a clear framework for growing local mining firms. “This is the time when government must bolster economic stability and attract, rather than discourage, foreign direct investment,” they concluded.
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