The Minority in Parliament has warned the government that its recent actions in the mining sector may hinder growth, deter foreign investment, and result in increased job losses.
In a letter dated April 21, 2025, directed to the Ministers of Finance and Lands and Natural Resources, the Minority characterized a range of recent policies as “potentially dire” for the nation’s economic stability.
The letter, signed by Kojo Oppong Nkrumah, Ranking Member on the Economy and Development Committee, Kwaku Ampratwum Sarpong, Ranking on the Lands and Natural Resources Committee, and Dr. Mohammed Amin Adam, Ranking on the Finance Committee, criticized two new tax measures affecting the industry: a 3% Growth and Sustainability Levy on gross mining volumes introduced this year, along with an additional levy planned for 2026 to 2028.
The Minority cautioned that these levies are exacerbating the financial strain on struggling mines and dissuading new investments.
“These royalty-like levies are exacerbating the financial difficulties of several already distressed mines,” the letter asserted. The MPs also pointed out that companies engaged in mining other minerals, which have not seen price increases, are being unfairly impacted by the new taxes.
Additionally, the Minority MPs expressed concern over the recently enacted GOLDBOD Act, which prohibits foreign entities from trading and exporting gold. They contend that this decision not only sends a negative message to the global investment community but also infringes upon the 1992 Constitution by retroactively affecting existing rights.
The group further criticized the government’s decision not to renew the mining lease for Goldfields Ghana Limited. According to the Minority, this refusal undermines investor confidence and discourages long-term commitments to the nation. They argue that Ghana could have leveraged the renewal process to negotiate more favorable terms instead of displacing an established operator.
Concerns have been expressed regarding the government’s choice to cut funding for 80% of the Minerals Income Investment Fund (MIIF), which has historically been instrumental in supporting the state’s equity interests in mining ventures. The Minority views this action as a retreat from Ghana’s goal of maintaining significant stakes in resource development.
Alongside economic issues, the statement highlighted a violent incident at a mining site that resulted in eight fatalities. The Minority attributed the attack to anti-investor sentiments propagated by public figures and voiced their disappointment over the lack of progress in the investigation, which they argue further erodes investor confidence.
The opposition also condemned the recent elimination of Community Mining Schemes, cautioning that this move has facilitated the growth of illegal mining operations. They contend that instead of abolishing the initiative, the government should have sought to formalize and regulate it.
In advocating for a reassessment of policy, the Minority called on the government to reinstate lease renewals, provide incentives, refrain from hostile rhetoric, and create a clear framework to support the development of local mining companies. They concluded by stating, “This is the moment for the government to enhance economic stability and attract, rather than deter, foreign direct investment.”
