Ghana’s mining sector posts record GH₵17.7bn revenue in 2024

Ghana’s mining sector contributed a record GH₵17.7 billion in revenue to the government in 2024, marking a 51.2% increase from GH₵11.7 billion in 2023, according to the Ghana Chamber of Mines.

Dividends paid to the state soared by over 600%, reaching GH₵1.03 billion, highlighting the sector’s growing role as a cornerstone of domestic revenue generation.

Speaking at the Chamber’s 97th Annual General Meeting, President of the Chamber, Edem Michael Akafia, revealed that the mining industry’s contribution to domestic revenue rose from 8.8% to 9.6%, adding that its share of total government revenue increased from 8.6% in 2023 to 9.5% in 2024.

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

He noted that mineral royalties also experienced substantial growth, climbing by 76.7% from GH₵2.8 billion in 2023 to GH₵4.9 billion 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.

Meanwhile, the Chief Director at the Ministry of Lands and Natural Resources, Innocent Haligah, urged stakeholders in the mining industry to collaborate with the Ghana Gold Board to promote a safer mining environment.

“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.

Haligah also stressed the need to focus on strategic areas such as local content development, where the majority of mining sector employees are Ghanaians, and the promotion of value addition to mineral resources.

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