The Ghana Chamber of Mines has held its 97th Annual General Meeting (AGM), where it was revealed that the mining sector contributed a record GH₵17.7 billion in revenue to the government in 2024. This represents a remarkable 51.2% increase from GH₵11.7 billion in 2023.
Dividends paid to the state surged by over 600%, reaching GH₵1.03 billion, underscoring the sector’s growing role as a key pillar of domestic revenue generation.
In his address, President of the Chamber, Mr. Edem Michael Akafia, reported that the mining industry’s contribution to domestic revenue rose from 8.8% in 2023 to 9.6% in 2024. Additionally, its share of total government revenue increased from 8.6% to 9.5% over the same period.
“This upturn boosted the mining sector’s share of direct domestic taxes from 22.7% in 2023 to 24.3% in 2024,” Mr. Akafia noted.
He also highlighted a significant increase in mineral royalties, which grew by 76.7%, from GH₵2.8 billion in 2023 to GH₵4.9 billion in 2024.
“This reflects the rise in gross mineral sales, on which royalty payments are assessed. Consequently, royalties’ share of the sector’s total fiscal contributions rose from 23.7% in 2023 to 27.7% in 2024,” he explained.
Also addressing the AGM, the Chief Director at the Ministry of Lands and Natural Resources, Mr. Innocent Haligah, urged stakeholders to collaborate with the Ghana Gold Board to ensure a safer and more responsible mining environment.
“The Gold Board has been established as part of efforts to address challenges in the sector. Beyond regulation, it symbolizes the value of our national currency, and we expect all stakeholders to work together to ensure a safe and responsible mining environment,” he stated.
Mr. Haligah further emphasized the importance of prioritizing local content development,ensuring that a majority of employees in the sector are Ghanaians, and promoting value addition to Ghana’s mineral resources.
The Acting Chief Executive Officer (CEO) of the Chamber, Ahmed Nantogmah, also speaking at the AGM, announced plans to propose a Minerals Revenue Management bill to parliament.
This will expectedly be similar to the Petroleum Revenue Management Act (PRMA) that pertains to the oil and gas sector, to improve transparency and guide the use of mineral royalties.
He said the Chamber is willing and available to support and provide information that helps government pass this law.
On his part, Minister of Lands and Natural Resources Emmanuel Armah-Kofi Buah called on all stakeholders to support government’s efforts to combat illegal mining.
He attributed part of the surge in illegal mining to cumbersome licensing process, which he said is being addressed with a decentralised licencing system.