Gov’t reviewing VAT on mineral exploration costs; aims to boost exploration by foreign companies
The Minister for Lands and Natural Resources, Samuel Abu Jinapor, has announced that the government is reviewing the Value Added Tax (VAT) on exploration costs for prospective mining companies.
The review, according to the Minister, aims to reduce the financial burden on exploration companies, making the sector more attractive to foreign investors.
“We are working with the Ghana Revenue Authority (GRA) and the Ghana Chamber of Mines, under the guidance of the Government’s Economic Management Team, to explore the best framework for treating critical imposts such as Value-Added Tax (VAT) on exploration.
“If properly structured, it will reduce the financial burden on exploration companies, making it more attractive to invest in exploration, while safeguarding the nation’s interest,” he noted.
The Minister made the disclosure at the opening ceremony of the 2024 West African Mining and Power Conference and Exhibition (WAMPOC / WAMPEX).
The initiative, the Minister further noted, is part of a broader effort to create a conducive environment for mineral exploration in Ghana.
The goal is to unlock the full potential of the country’s mineral resources, generate employment, and stimulate economic growth.
The 2024 WAMPOC WAMPEX is a three-day event that brings together key stakeholders from both private and public sectors to discuss sustainable investments in the mining and power industries in West Africa.
The conference features technical workshops, B2B networking opportunities, and over 80 exhibitors from 16 countries.
The 2024 WAMPOC WAMPEX is under the theme “The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa”.
