Ghana's Mining Sector Achieves Unprecedented GH₵17.7bn Revenue in 2024

Accra, Ghana - 01 June, 2025 - The Ghanaian mining sector has achieved a remarkable milestone, generating a record GH₵17.7 billion in revenue for the government in 2024, representing a significant 51.2% increase from GH₵11.7 billion in 2023.

According to Edem Michael Akafia, President of the Ghana Chamber of Mines, this surge in revenue underscores the sector's growing importance as a key driver of domestic revenue generation.

At the Chamber's 97th Annual General Meeting, Akafia disclosed that the mining sector's domestic revenue contribution grew to 9.6% from 8.8%, while its share of total government revenue rose to 9.5% from 8.6% in 2023.

Dividends paid to the state skyrocketed by over 600%, reaching GH₵1.03 billion, while mineral royalties experienced substantial growth, climbing by 76.7% from GH₵2.8 billion in 2023 to GH₵4.9 billion in 2024.

Akafia attributed the increase in mineral royalties to the rise in gross mineral sales, which boosted the sector's total fiscal contributions. He noted that royalties' share of the sector's total fiscal contributions rose from 23.7% in 2023 to 27.7% in 2024.

“This upturn boosted the mining sector’s share of direct domestic taxes from 22.7% in 2023 to 24.3% in 2024.''

“This reflects the rise in gross mineral sales, on which royalty payments are assessed. Consequently, royalties’ share of the sector’s total fiscal contributions rose from 23.7% in 2023 to 27.7% in 2024,” he added.

Innocent Haligah, Chief Director at the Ministry of Lands and Natural Resources, called for industry stakeholders to work with the Ghana Gold Board to ensure safer mining practices. He also underscored the importance of prioritizing local content development and adding value to minerals, noting the significant presence of Ghanaian employees in the sector.

“The Gold Board has been established as part of efforts to address challenges in the sector. Beyond regulation, it symbolizes the value of our national currency, and we expect all stakeholders to work together to ensure a safe and responsible mining environment,” he stated.

Source: Lead News Online