The Ghana Chamber of Mines has published its Publish What You Pay (PWYP) report for 2024, revealing that its producing member companies contributed a total of GH₵17.68 billion in fiscal payments to the Government of Ghana.
The Chamber’s 2024 PWYP report provides a comprehensive snapshot of how the mining sector continues to deliver critical fiscal, economic, and social benefits, while reinforcing the importance of transparent and responsible resource governance.
The figure, according to the report, reinforces the central role of the large-scale mining industry in the national economy through taxation, procurement, employment, and social investment.
Of the US$7.05 billion in total mineral revenue generated in 2024, an estimated US$4.99 billion, equivalent to 70.8 per cent was returned to the Ghanaian economy via direct payments, local procurement, salaries, and community support initiatives.
Corporate Tax leads Fiscal Contributions
The report shows that member companies paid GH¢10.3 billion in corporate taxes on profits—making it the single largest component of the sector’s financial contribution to the state in 2024.
This high figure, the report said, reflects the profitability of mining operations, particularly within the large-scale gold sub-sector, and highlights strong compliance with tax obligations.
These funds support national development programmes in infrastructure, education, and health.
Royalties and Employment-Related Taxes
In addition, the mining industry paid GH¢4.89 billion in mineral royalties. Unlike corporate tax, royalties are calculated on gross revenue from mineral sales rather than net profit.
Royalties provide a consistent and predictable income stream for the government and support local authorities and mining communities through the Minerals Development Fund (MDF).
The sector also paid GH₵1.46 billion in Pay As You Earn (PAYE) taxes from employee salaries. With over 11,300 Ghanaians directly employed by large-scale mining firms, this highlights the industry’s substantial contribution to formal employment and income tax mobilisation.
Dividends and Broader Tax Base
The government received GH₵1.03 billion in dividends through its free-carried equity in several mining operations. These payments demonstrate the direct fiscal benefit of the state’s equity participation in mining ventures.
Furthermore, the industry paid GH₵75.3 million under the category of “Other Payments,” which includes taxes from self-employed contractors and non-corporate entities within the mining value chain. While smaller in scale, this reflects a broadening of the tax base and ongoing efforts to integrate informal operators into the formal fiscal framework.
Strengthening Gold Reserves and Community Investment
A total of 358,218 ounces of gold was sold to the Bank of Ghana under the Domestic Gold Purchase Programme, strengthening the country’s gold reserves and bolstering macroeconomic stability. This initiative supports the government’s goal of reducing forex pressure through strategic asset accumulation.
In terms of corporate social investment, mining companies allocated US$28 million in 2024 towards community infrastructure, healthcare, and educational projects reaffirming the sector’s ongoing commitment to sustainable and inclusive development.
Leadership Commends Sector’s Commitment
Commenting on the findings, Ing. Dr Kenneth Ashigbey, Chief Executive Officer of the Ghana Chamber of Mines, stated: “Our sector’s commitment to economic transformation is evident in the scale of fiscal and local investments made in 2024. We remain dedicated to transparency, value retention, and shared prosperity.”
Mr Ahmed Nantogmah, Chief Operating Officer of the Chamber, added that “Behind these impressive numbers is a disciplined operational focus ensuring that mining activities translate into real value for the Ghanaian people. We continue to drive efficiency and stakeholder engagement across the sector to ensure sustainable growth and inclusive benefits.”
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