Ghana mining revenue hits record high, surges 51% to GH₵17.7 billion

Ghana’s mining industry achieved a remarkable revenue contribution of GH₵17.7 billion to the government in 2024, representing a 51.2% increase from GH₵11.7 billion in 2023, as reported by the Ghana Chamber of Mines.

The dividends paid to the state surged by over 600%, reaching GH₵1.03 billion, underscoring the sector’s expanding role as a vital source of domestic revenue generation.

During the Chamber’s 97th Annual General Meeting, Edem Michael Akafia, the Chamber’s President, disclosed that the mining sector’s contribution to domestic revenue rose from 8.8% to 9.6%. He also mentioned that its share of total government revenue increased from 8.6% in 2023 to 9.5% in 2024.

Edem Michael Akafia, President of Ghana Chamber of Mines

“This increase has elevated the mining sector’s share of direct domestic taxes from 22.7% in 2023 to 24.3% in 2024,” Akafia pointed out.

He further highlighted that mineral royalties saw significant growth, jumping by 76.7% from GH₵2.8 billion in 2023 to GH₵4.9 billion in 2024.

“This increase reflects the rise in gross mineral sales, which are the basis for royalty payments. As a result, the share of royalties in the sector’s total fiscal contributions grew from 23.7% in 2023 to 27.7% in 2024,” he added.

In the meantime, Innocent Haligah, the Chief Director at the Ministry of Lands and Natural Resources, called on stakeholders in the mining sector to work together with the Ghana Gold Board to foster a safer mining environment.

“The Gold Board has been created as part of our efforts to tackle challenges in the sector. Beyond its regulatory role, it represents the strength of our national currency, and we expect all stakeholders to collaborate to ensure a safe and responsible mining environment,” he remarked.

Haligah also emphasized the importance of focusing on strategic areas such as local content development, where most employees in the mining sector are Ghanaians, and the promotion of value addition to mineral resources.