Ghana Chamber of Mines calls for Minerals Revenue Management Act to safeguard Ghana’s mineral wealth

The Ghana Chamber of Mines has urged the implementation of a Minerals Revenue Management Act to ensure responsible handling and investment of the country's mineral earnings for future generations. At a Civil Society Dialogue on Ghana’s Mining Resources, the chamber's CEO, Dr Ken Ashigbey, emphasized the need to set aside a portion of mineral revenues for economic stabilization, intergenerational fairness, and the growth of local mining enterprises.

The event, organized by the Natural Resource Governance Institute (NRGI) and held in Accra, focused on the question: "Is Ghana Maximizing Value from its Mineral Wealth?" Dr Ashigbey urged Ghana to expand its focus beyond taxes and royalties to include the entire value retained from the mining value chain. While Ghana's fiscal contribution from mining is substantial, more than 60% of mining revenue goes to procurement, necessitating the enhancement of local participation in supplying goods and services to the industry.

The chamber is exploring collaborations between international suppliers and local companies to create joint ventures and boost local manufacturing, aiming to retain economic value within the nation. Dr Ashigbey highlighted that large-scale mining companies associated with the chamber contributed over GH¢24 billion to government revenues in 2025, underscoring the necessity for a transparent and enduring framework to manage these revenues.

He proposed including provisions for a heritage fund to safeguard part of the proceeds for future generations, as well as a stabilisation fund to mitigate the impact of fluctuations in mineral revenues on the economy. Patrick Stephenson, Country Manager of NRGI, warned that Ghana faces significant fiscal challenges and increased borrowing risks if global gold prices were to plummet, given the country's absence of a dedicated stabilisation framework to counteract such fluctuations.

He stressed that the mining sector lacks similar provisions to protect government spending when commodity prices decline, making the economy vulnerable to potential revenue shortfalls. Stephenson noted that even with gold prices nearing US$5,000 per ounce, the lack of a stabilisation fund for mineral revenues leaves the economy susceptible to revenue declines, which could force the government to borrow to fund planned expenditures, escalating borrowing costs and exacerbating fiscal pressures.