The Chairman of Parliament’s Subsidiary Legislation Committee, Patrick Yaw Boamah, has accused the government of breaking a direct promise to Ghana’s mining industry, warning that the breach is already shaking investor confidence and could put close to one million jobs at risk.
Speaking to journalists outside Parliament on 10 March, Boamah said Finance Minister Cassiel Ato Forson personally assured the mining community during committee hearings that the Growth and Sustainability Levy (GSL) would be cut from 3 percent to 1 percent to cushion the impact of a new sliding-scale royalties framework that took legal effect the same day. Despite that commitment, no proposal to reduce the levy has been tabled before the House.
“As we speak, that hasn’t happened. This tells you that government has not been honest with the mining community,” Boamah said.
The timing is critical. Ghana’s 2025 national budget extended the levy to 2028 and doubled the rate from 1 percent to 3 percent of gross production. The new sliding-scale royalties regulation, laid in Parliament on 19 December 2025, matured into law on 10 March 2026 after completing the constitutionally required 21 sitting days. Industry analysts estimate the combined effect of the royalties and levy changes could increase the gross revenue burden on major mining companies by between 75 and 87 percent.
The Ghana Chamber of Mines had asked for the complete removal of the levy, but the Finance Minister offered only a two-percentage-point reduction. That partial concession has not materialised either.
Boamah said an Ernst and Young report commissioned by mining industry stakeholders projects that the cumulative fiscal burden could trigger close to one million job losses when direct mine employment and ancillary sectors are counted together. The Chamber of Mines estimates the policy could lead to roughly 1,344 direct job losses, with 88 percent expected to fall on host mining communities.
Ghana’s attractiveness as a mining destination has already been declining. The Fraser Institute’s annual survey ranked Ghana 53rd out of 68 countries in 2025, down from 46th out of 82 in 2024. The Policy Perception Index slipped from 46th to 50th over the same period.
The stakes are sharpened by the current gold price environment. With gold trading above $4,600 per ounce, the new royalty structure could potentially double government mining revenues in the short term if production volumes hold. However, analysts warn that the policy risks undermining the very production base needed to sustain those revenue gains.
Boamah said local investors face a particular threat, noting that several major mining concessions are due to expire later this year. He argued that without a more competitive fiscal regime, Ghanaian buyers seeking to take over those assets would struggle to raise the necessary financing.
