Parliament passes Growth and Sustainability Levy 2025

Parliament has passed the Growth and Sustainability Levy (Amendment) Bill, 2025, raising the levy on gold mining companies from 1% to 3% of their gross production. The bill also extends the duration of the levy until 2028.

Finance Minister Dr. Cassiel Ato Forson, speaking during the debate on the bill, emphasized the importance of leveraging the current high gold prices to enhance national revenue. He noted that this move is part of efforts to strengthen the country's financial standing and support development initiatives.

Opposing the amendment, Minority Leader Mr. Alexander Afenyo-Markin argued that increasing the levy would place additional strain on the already burdened extractive sector. He warned that such tax hikes could discourage private sector growth and investment, particularly within the mining industry.

Despite concerns from the Minority, the bill was passed by a majority decision.

Originally introduced in 2023 as a replacement for the National Fiscal Stabilisation Levy, the Growth and Sustainability Levy is aimed at supporting national development and social protection programs. The levy applies to certain categories of businesses, including gold mining firms, and ranges from 1% to 5% of profit before tax or gross production, depending on the sector.

The revised levy is expected to contribute significantly to the government’s revenue generation efforts as it navigates ongoing economic challenges.