Ghana’s mining sector contributed a record-breaking GH₵17.7 billion to government revenue in 2024, representing a 51.2% increase from the GH₵11.7 billion recorded in 2023, according to the Ghana Chamber of Mines.
Dividends paid to the state surged by over 600%, reaching GH₵1.03 billion, underscoring the sector’s growing significance as a key pillar of domestic revenue mobilisation.
Speaking at the Chamber’s 97th Annual General Meeting, Chamber President Edem Michael Akafia highlighted the mining industry’s rising contribution to the national economy.
He noted that the sector’s share of domestic revenue rose from 8.8% in 2023 to 9.6% in 2024, while its share of total government revenue increased from 8.6% to 9.5% over the same period.
“This upturn boosted the mining sector’s share of direct domestic taxes from 22.7% in 2023 to 24.3% in 2024,” Mr. Akafia stated.
Mineral royalties also posted strong growth, jumping by 76.7% from GH₵2.8 billion in 2023 to GH₵4.9 billion in 2024.
According to Akafia, this reflects increased gross mineral sales, which form the basis for royalty payments.
“As a result, royalties accounted for 27.7% of the sector’s total fiscal contribution in 2024, up from 23.7% the previous year,” he added.
Meanwhile, the Chief Director at the Ministry of Lands and Natural Resources, Innocent Haligah, urged greater collaboration between industry stakeholders and the Ghana Gold Board to ensure responsible mining practices.
“The Gold Board is central to ongoing reforms in the sector. Beyond regulatory oversight, it represents the value and stability of our national currency. We expect all players in the mining industry to work together to promote a safer, more sustainable mining environment,” he said.
Mr. Haligah also emphasised the importance of local content development, noting that a large proportion of the sector’s workforce consists of Ghanaians.
He further called for greater investment in value addition, encouraging mining firms to process minerals locally to enhance economic returns and job creation.
