Ghana’s mining sector has made a significant impact on the country’s economy, boasting an 81% tax contribution jump in 2023.
This surge has positioned the sector as the nation’s largest source of domestic tax revenue, accounting for 22.7% of all direct taxes.
According to the Ghana Chamber of Mines, direct taxes rose to GH₵11.55 billion ($1.9 billion), while mineral export revenues increased by 15% to $7.8 billion.
The sector accounts for 47% of Ghana’s gross merchandise exports
In addition, the chamber said producing members returned $4.2 billion to Ghana, 71.3% of foreign exchange earnings
Local expenditure reached $5.4 billion, with $3.146 billion spent on locally sourced goods
The sectoe paid a corporate tax of GH₵6.38 billion within the year under review as well as mineral royalties of GH₵1.83 billion
Employee income tax also accounted for GH₵1.46 billion, while dividend payments were GH₵139.69 million.
Additionally, the Chamber noted that its members spent $31.53 million on socio-economic development projects.
Ghana’s mining sector solidifies position as a key economic driver.
