Ghana is charting a bold new course for its economy and mining sector, unveiling a suite of sweeping reforms aimed at boosting growth, attracting investment, and transforming the country into a continental leader in gold value addition. Over the past week, the government has rolled out major tax changes, ambitious industrial plans, and regulatory overhauls, while also grappling with the human cost of a tragic stampede during a military recruitment drive in Accra.
On November 13, 2025, Finance Minister Dr. Cassiel Ato Forson presented the 2026 Budget Statement and Economic Policy to Parliament, making headlines with the announcement that Ghana would abolish its Covid-19 Health Recovery Levy and reduce value-added tax (VAT). According to Dr. Forson, these moves are expected to return GHS 5.7 billion (about $520 million) to businesses and households in 2026, a significant injection designed to modernize Ghana’s VAT system and ease the cost of doing business. “After months of detailed analysis and broad consultations with stakeholders, we have completed the design of a modernised VAT system fit for Ghana’s economic transformation agenda,” Forson told lawmakers, as reported by AFP.
But the tax reforms don’t stop there. In a decisive effort to revive Ghana’s mining sector and reclaim its competitive edge, the government also abolished the 15% VAT on mineral exploration and reconnaissance. This tax, introduced 25 years ago, had long been criticized by industry groups for discouraging greenfield investment and making Ghana less attractive compared to neighbors like Ivory Coast and Burkina Faso. “Abolishing VAT will revive investor confidence, stimulate greenfield activity, and ensure the long-term sustainability of the country’s mining sector,” Forson declared during the budget presentation, as reported by Reuters.
The impact of these reforms is already being felt. Between January and October 2025, Ghana posted record small-scale gold exports of 81.7 metric tons valued at about $8.1 billion—surpassing large-scale exports of 74.1 tons worth $6.6 billion for the first time. The Ghana Chamber of Mines welcomed the VAT removal, with its president Michael Akafia stating, “VAT on exploration negatively affected our competitiveness as a mining jurisdiction and was a clog on the pipeline of projects.” The government’s target for 2025 is an ambitious 144.5 tons of gold production, and the recent surge underscores the effectiveness of regulatory changes that have formalized artisanal mining and tightened export controls.
At the center of Ghana’s gold renaissance is the Ghana Gold Board, which has been instrumental in reshaping the sector through structural and regulatory reforms. The Board, in partnership with the Bank of Ghana and local refineries, is expanding domestic refining capacity and strengthening the gold value chain. Dr. Forson highlighted that the Board has introduced far-reaching licensing reforms, enhanced oversight, and implemented a transparent, competitive pricing framework for miners and buyers. An efficient gold aggregation system now spans all mining regions, and a dedicated Task Force—backed by a whistleblower reward scheme—has intensified the fight against illegal trading and smuggling.
These efforts have yielded exceptional results. Not only have small-scale gold exports reached historic highs, but the Gold Board has also supported the Bank of Ghana’s reserve accumulation strategy. A total of 137.7 kilograms of gold from large-scale producers has been added to the country’s official reserves, helping to stabilize foreign exchange reserves, improve the balance of payments, and contribute to the stability of the cedi. Dr. Forson underscored the Board’s commitment to responsible sourcing, environmental sustainability, and full traceability across the supply chain—announcing that, from 2026, a comprehensive Gold Traceability System will be introduced to ensure every gram of gold can be traced to its verified, licensed, and environmentally compliant source.
Looking ahead, Ghana is setting its sights even higher. The government plans to establish a “Gold Village,” envisioned as a continental hub for gold jewelry design, manufacturing, and export. This initiative, part of the broader industrialization and value addition agenda, aims to position Ghana as Africa’s leader in high-value gold craftsmanship. Dr. Forson explained that the Gold Board will lead the transition from raw gold exports to refined gold production, supported by incentives, investor partnerships, and a favorable business environment. “Government remains committed to supporting this transition through incentives, investor partnerships, and a favourable business environment to maximise domestic value addition in 2026 and beyond,” Forson stated.
The broader economic picture is also looking up. The government forecasts GDP growth of at least 4.8 percent in 2026, with inflation having slowed to 8 percent in October 2025—marking the tenth straight month of decline. GDP grew 6.3 percent in the first half of 2025, up from 5.3 percent in 2024, signaling that Ghana’s economy is “breathing again—stronger, steadier and full of promise,” as Forson put it.
Yet, amid these economic strides, the nation was rocked by tragedy on November 12, 2025, when a stampede during a military recruitment event at Accra’s El-Wak Sports Stadium left six people dead and 22 wounded. Five more were injured in a similar incident in Kumasi. According to the Ghana Armed Forces, the chaos erupted when an unexpected surge of applicants breached security protocols and rushed through the stadium gates ahead of the scheduled screening. In a somber statement, President John Mahama, who visited the injured at the 37 Military Hospital in Accra, remarked, “We witnessed a sad event today, we encountered a disaster. The violence ensued when the gates were opened for people to enter, but the youth rushed in, and sadly, some fell and were stomped on.” The army has since suspended the recruitment exercise and set up a committee to investigate the incident.
Scenes of grief and confusion unfolded at the hospital, with families crowding the emergency ward, desperate for news of their loved ones. Security officers struggled to control the swelling crowd outside the casualty unit, while medical teams worked tirelessly to care for the wounded. The tragedy has cast a shadow over the week’s economic optimism, highlighting the urgent need for improved crowd control and public safety measures during large-scale events.
In the midst of reform and renewal, Ghana finds itself at a crossroads—balancing the promise of economic transformation with the sobering realities of social challenges. As the government presses ahead with its ambitious agenda, the coming year will test the resilience and adaptability of a nation striving to secure prosperity for all its people.