New Mining Taxes Will Cost Jobs and Investors – Minority Warns Gov

The Minority in Parliament is raising red flags over new government policies they say could severely impact Ghana’s mining sector, scare off foreign investors, and lead to major job losses.

In a letter dated April 21 and sent to the Ministers of Finance and Lands and Natural Resources, the opposition MPs described recent decisions as “potentially dire” for the country’s economic stability.

The letter was signed by three top-ranking Minority members: Kojo Oppong Nkrumah, Kwaku Ampratwum Sarpong, and Dr. Mohammed Amin Adam.

At the heart of their concern are two tax measures introduced in the mining sector. The first is a 3% Growth and Sustainability Levy on gross mining volumes, rolled out this year.

The second is an additional levy set to take effect between 2026 and 2028.

“These royalty-like taxes are pushing already struggling mines closer to collapse,” the MPs warned. They added that companies mining minerals that haven’t enjoyed global price increases are being unfairly hit by these blanket taxes.

Another major concern for the Minority is the newly passed GOLDBOD Act, which bans foreign firms from participating in gold trading and export.

According to the opposition, this move sends a bad signal to the global investment community and even breaches the 1992 Constitution, as it affects rights retroactively.

The decision not to renew Goldfields Ghana Limited’s mining lease has also come under fire. The Minority believes this could further erode investor confidence.

Instead of outright rejection, they argue the government could have used the lease renewal process to negotiate improved terms for Ghana.

Adding to their list of concerns is the government’s move to cut funding for the Minerals Income Investment Fund (MIIF) by 80%. This fund is key to maintaining the state’s equity in mining ventures, and the Minority says defunding it signals a step back in Ghana’s efforts to control its own mineral wealth.

The MPs also linked rising tensions in the mining sector to a recent violent incident that left eight people dead, blaming anti-investor rhetoric and demanding a swift, transparent investigation.

Finally, the group criticized the scrapping of Community Mining Schemes, which they claim has opened the door to illegal mining. Rather than abolish the schemes, they suggest the government should have worked on properly regulating and formalizing them.

Calling for a full policy review, the Minority urged the government to renew leases, end hostile investor rhetoric, create a fair policy framework, and prioritize long-term growth over short-term revenue.