Accra, Dec. 12, – The Ghana Chamber of Mines has praised the government for eliminating Value Added Tax (VAT) on exploration activities, calling the decision a smart and essential step to protect Ghana's future mineral resources.
The commendation came during the 11th Ghana Mining Industry Awards (GMIA) in Accra. Ing. Dr. Kenneth Ashigbey, the Chamber's CEO, described the policy – unveiled in the 2026 Budget – as a courageous move to enhance Ghana's appeal as a top mining investment hub.
Dr. Ashigbey emphasized that scrapping VAT goes beyond routine tweaks. "This is a transformative incentive that will spark fresh exploration, lower investment risks, and rebuild our mineral stockpiles," he said. "It's a strong pledge to draw in new capital, maintain our reserves, and sharpen our edge in the global mining arena."
He hoped the same teamwork would shape talks on mining royalties, creating win-win policies for Ghana and the sector.
Chamber President Mr. Michael Edem Akafia echoed the praise, hailing the exemption as a forward-thinking strategy for the industry's longevity. He thanked President John Dramani Mahama, Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, and Finance Minister Dr. Ato Forson for championing this investor-friendly reform.
Experts have criticized VAT on exploration as a drag on companies navigating high-uncertainty early phases. The tax cut should ignite investor enthusiasm, widen geological surveys, and hasten new mineral finds.
Dr. Ashigbey added that such investments fuel jobs, bolster local businesses, and drive community projects in mining areas.
Ghana's mining sector stands as a vital economic engine, powering exports, public funds, and jobs. With this backing, leaders see Ghana poised to lure international explorers and tap its vast mineral wealth.
The CEO and President pledged the industry's dedication to joint efforts with government for investment-friendly, transparent, and enduring policies.
The awards ceremony wrapped up with AngloGold Ashanti Iduapriem Mine named Mining Company of the Year. Dr. Catherine Kuupol Kutor, General Manager of Gold Fields Tarkwa Mine, earned Mining Personality of the Year. The late Kwame Addo-Kufuor received a posthumous Lifetime Achievement Award for his lasting impact.
Sponsors were Gold Fields, AngloGold Ashanti, Zijin Golden Ridge, Newmont, Newcore/Cape Coast Resources, Perseus Mining Ghana Limited, UMA, Sandvik Ghana, Interplast, and Stanbic Bank. Additional backers included SMT Ghana, Asanko Gold Ghana, DRA, Mining Tools Ghana, Carmeuse Lime Products, and Liebherr.
GHBUSS
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