Ghana’s mining sector contributed GH¢17.7 billion to government revenue in 2024, marking a 51.2% increase from the GH¢11.7 billion recorded in 2023, according to new data from the Ghana Chamber of Mines.
The sector also saw a remarkable surge in dividend payments to the state, rising by over 600% to reach GH¢1.03 billion.
However, the figures underscore the mining industry’s growing importance as a cornerstone of Ghana’s domestic revenue mobilisation strategy.
Mining’s Share of Government Revenue Expands
Speaking at the 97th Annual General Meeting of the Chamber, President Edem Michael Akafia highlighted the sector’s expanding role in the national economy.
He noted that the mining’s share of domestic revenue rose from 8.8% in 2023 to 9.6% in 2024, and its share of total government revenue increased from 8.6% to 9.5%, however, the industry’s contribution to direct domestic taxes grew from 22.7% to 24.3%
“These figures speak to the strength and stability the mining sector continues to bring to Ghana’s fiscal landscape,” Mr. Akafia said.
Royalties and Sales Fuel Fiscal Gains
Nonetheless, mineral royalties surged by 76.7%, climbing from GH¢2.8 billion in 2023 to GH¢4.9 billion in 2024.
He attributed the increase to robust gross mineral sales, which serve as the basis for royalty calculations.
“As a result, royalties made up 27.7% of the sector’s total fiscal contribution in 2024, up from 23.7% the previous year,” he added.
Calls for Sustainable and Inclusive Mining
Addressing stakeholders at the event, Innocent Haligah, Chief Director at the Ministry of Lands and Natural Resources, stressed the need for stronger collaboration between mining companies and the Ghana Gold Board to promote responsible practices.
“The Gold Board is central to ongoing reforms. It not only provides regulatory oversight but also reinforces the value and stability of our national currency, we expect all stakeholders to contribute to building a safer, more sustainable mining sector,” he added.
Emphasis on Local Content and Value Addition
Mr. Haligah further urged mining companies to increase investments in local content development and value addition, pointing out that the majority of the sector’s workforce is Ghanaian.
Also, he encouraged firms to process more minerals locally, rather than exporting raw materials, as a way to boost economic value and create more jobs within the country.
