By Rachel Kakraba
The Government has received a GH¢391 million (US$35 million) dividend from Perseus Mining (Ghana) Limited (PMGL), representing the state’s entitlement from its 10% equity stake in the company.
The dividend, a significant increase from the company’s maiden payment of US$5 million last year, was presented to the Minister of Finance, Dr Cassiel Ato Forson, at a ceremony in Accra.
Dr Forson commended Perseus Mining for its contribution to the Ghanaian economy and urged other mining companies to ensure that the government receives dividends due to it from its free carried interest in mining operations.
“I want to use this opportunity to encourage other mining companies to follow suit and also declare the necessary dividends that the Government of Ghana deserves on the back of government’s free 10 per cent carried interest,” he said.
The Finance Minister said the increase in the dividend from US$5 million to US$35 million within a year demonstrated the company’s strong profitability, partly driven by favourable global gold prices.
“Last year, we received US$5 million and this year we are receiving US$35 million. It tells a story, a story that the company is making more profit, a story that shareholders are indeed making more profit,” he stated.
Dr Forson said Ghana, as the owner of its natural resources, must also benefit when global commodity prices rise and mining companies make exceptional profits. He explained that this informed the government’s introduction of a sliding-scale royalty regime, which allows the country to earn more revenue when commodity prices increase.
“If the oil prices jump today to say US$200 per barrel, it is a fact that shareholders must benefit. But it is also a fact that the owners of the resource must also benefit,” he said.
The Finance Minister stressed that the government’s efforts to secure increased benefits from the extractive industry should not be interpreted as hostility towards investors.
“When government introduced this, impressions were created that we were driving investment away. Far from it. That was certainly not the intention of government. All the Government of Ghana was asking for was for the people of Ghana to benefit from their own resources,” he noted.
No additional mining taxes in medium term
Dr Forson assured mining companies that the government did not intend to introduce additional taxes on the industry in the medium term, saying the existing corporate income tax and royalty regimes were adequate.
He said the royalty regime was structured to respond to changes in global commodity prices, allowing rates to adjust from as low as 5% to as high as 12%, depending on market conditions.
He also disclosed that the government intended to eventually abolish the Growth and Sustainability Levy (GSL), which was introduced as part of measures to stabilise the economy. According to him, the government had already reduced the levy from 3% to 1%.
“At the right time, we have to remove the GSL. We have already removed two per cent. It is only one per cent that is outstanding,” he said, adding that the remaining levy could be removed in the medium term, subject to prevailing economic conditions.
Government moves away from 25-year stability agreements
The Finance Minister also indicated that the government was moving away from lengthy stability agreements, arguing that locking in fiscal policies for periods as long as 25 years could limit the ability of future governments to respond to changing economic circumstances.
He acknowledged the need for investors to have certainty and predictability but maintained that such assurances should be limited to the medium term.
“Nobody knows what will happen in the next 25 years. Countries go through crises and when those crises happen, there is the need for companies to also support the country to make progress,” he said.
Dr Forson assured investors that the government remained committed to maintaining fiscal and policy stability in the medium term to support continued investment and expansion in the mining sector.
He further disclosed that the government had included plans to construct a road serving communities within the company’s operational area in its 2027 fiscal programme.
He urged Perseus Mining and other extractive companies to continue investing in their host communities to ensure that residents directly benefit from mining activities.
Perseus highlights contribution to Ghana
Chairman of the Board of Perseus Mining (Ghana) Limited, Ehunabobrim Prah Agyensaim VI, said the US$35 million dividend reflected the company’s strong operational performance and commitment to creating value for Ghana.
He added that the dividend translated into US$2,890 per share, compared with US$413 per share declared during the 2024 financial year.
He said the company was proud that its success was translating into tangible benefits for the country through the government’s shareholding.
“This remarkable growth reflects the strong performance of the company, our commitment to operational excellence, prudent stewardship of resources, and the value created through our partnership with the Government of Ghana,” he said.
Beyond the dividend, Ehunabobrim Prah Agyensaim VI said PMGL had made significant contributions to national development through taxes, mineral royalties and other statutory payments.
As of June 30, 2026, the company had paid GH¢1.72 billion, equivalent to US$229 million, in mineral royalties. It had also paid GH¢4.2 billion, equivalent to US$367 million, in corporate income taxes and the Growth and Sustainability Levy, while PAYE and other statutory taxes amounted to GH¢1.96 billion, equivalent to US$246 million.
The company said it had also invested in education, healthcare, infrastructure, skills training and local enterprise development through its social investment programmes in host communities.
The Board Chairman, however, called for a stable, predictable and competitive business environment to enable mining companies to undertake further investment in exploration, mine development and operational expansion.
He identified policy stability, fiscal certainty, efficient regulatory and permitting processes, support for responsible mining, and constructive engagement between government, investors and host communities as critical to attracting additional investment.
“We believe that through continued partnership between Government and investors, Ghana can strengthen its position as a preferred destination for responsible investment while ensuring that the benefits of natural resource development are broadly shared among its citizens,” he said.
The US$35 million dividend represents a substantial increase in returns to the Ghanaian state from its equity participation in Perseus Mining and comes amid renewed calls for resource-rich countries to derive greater benefits from rising global commodity prices.
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