Mining Sector Rakes in Record GHS 17.7 Billion for Government in 2024
Ghana’s mining sector posted a historic performance in 2024, contributing GHS 17.7 billion to government revenue, representing a 51.2% surge compared to the GHS 11.7 billion recorded in 2023.
The record revenue, according to the Ghana Chamber of Mines, underscores the sector’s growing significance as a key pillar of domestic revenue mobilisation.
In addition to the overall fiscal contribution, dividends paid by mining firms to the state soared by more than 600% to GHS 1.03 billion — a significant leap that further reflects the sector’s expanding profitability and strategic importance.
Delivering an address at the Chamber’s 97th Annual General Meeting (AGM), President of the Chamber, Mr Edem Michael Akafia, highlighted the sector’s improved contribution to the national purse.
“The mining industry’s share of domestic revenue increased from 8.8% in 2023 to 9.6% in 2024, while its contribution to total government revenue rose from 8.6% to 9.5% within the same period,” Mr Akafia stated.
He noted that the sector’s share of direct domestic tax receipts also expanded, moving from 22.7% in 2023 to 24.3% in 2024.
Mineral royalties, a major fiscal component of the sector, experienced robust growth, rising by 76.7% from GHS 2.8 billion in 2023 to GHS 4.9 billion in 2024. Mr Akafia attributed the sharp increase to improved gross mineral sales, which form the basis for royalty calculations.
“This reflects the rise in gross mineral sales, on which royalty payments are assessed. Consequently, royalties’ share of the sector’s total fiscal contributions increased from 23.7% in 2023 to 27.7% in 2024,” he added.
On the regulatory front, Chief Director at the Ministry of Lands and Natural Resources, Innocent Haligah, called for stronger collaboration among industry stakeholders to advance responsible and safer mining practices. He encouraged greater partnership with the Ghana Gold Board, an institution established to tackle challenges in the sector and enhance regulatory oversight.
“The Gold Board goes beyond regulation; it symbolises the value of our national currency. We expect all stakeholders to work together to ensure a safe and responsible mining environment,” Mr Haligah remarked.
He also stressed the importance of strategic focus on local content development and value addition in the mining value chain, noting that the majority of employees in the sector are Ghanaians and that greater beneficiation could unlock more economic gains for the country.
The sector’s stellar fiscal performance in 2024 reaffirms its central role in Ghana’s economy, especially at a time when the government is seeking to boost domestic resource mobilisation to support national development.
