AN AMOUNT OF $279,000.000 TO BE ALLOCATED TO GHANA GOLD BOARD

The Finance Minister Cassiel Ato Baah Forson during the presentation of the Budget Statement and Economic Policy of Government indicated that about $279,000.000 is expected to be allocated to the Ghana Gold Board to restore hope in small-scale miners.

The minister emphasized that, a cedi equivalent of $279,000.000 as a revolving fund for the Ghana Gold Board will be issued to be able to purchase and export at least three tons of Gold per week from small scale miners.

He stated that, whereas global gold prices have seen some significant increase in a recent times, Ghana has not been able to take full advantage of this development.

Ato Forson added that, the Ministry is consequently,  proposing to increase the

Growth & Sustainability Levy from 1% on the gross production of mining companies to 3% to enable the nation to have its fair share of the windfall from increase in Gold Prices.

Aftermath of the budget presentation, our reporter engaged the Amenfi Central Legislator Joana Gyan who has worked as small-scale miner for decades even before venturing into politics,her take on the latest development made by the Minister of  Finance concerning the small-scale mining sector. 

Joan Gyan was very elated and commended the Minister for ensuring that every sector had its fair share just as the NDC manifesto required. According to her even though she believed so much in the capability of the Finance Minister, she least expected tfat, concerns of the gold industry will largely be addressed.

She elaborated that, the previous administration in 2023 burden the gold industry with a withholding tax of 1.5 % which became very worrying for mininers,  gold buyers and investment. She further explained that there is a sustainability tax of 0.2% paid to the Minerals Commission and also a tax of 0.25% paid to PMNC and some other taxes paid which became a burden for the sector.

Report by PKB