Ghana Growth and Sustainability Levy (Amendment) Act 2026 — Mining Levy Reduced from 3% to 1%

Mechanism

The Growth and Sustainability Levy was introduced in Ghana's 2022–23 fiscal cycle and subsequently raised from 1% to 3% of gross production in the 2024 budget as a temporary measure to compensate for the absence of a formal windfall tax. Parliament's March 2026 amendment reverses that increase, returning the GSL to its original 1% floor.

The policy architecture is explicitly two-part: the Minerals and Mining (Royalty) Regulations, 2025 (effective March 10, 2026) deliver the government's windfall-capture mechanism via a sliding-scale royalty (5% when gold is ~$1,900/oz; 12% when gold exceeds $4,000/oz). With that instrument in place, the 3% GSL surcharge no longer serves its original gap-filling purpose. The GSL cut is therefore not a concession to mining companies in the abstract — it is the removal of a temporary levy made redundant by a more sophisticated royalty instrument.

Six foreign governments (US, China, UK, Canada, Australia, and one additional) formally protested Ghana's royalty framework. The GSL cut was interpreted by the mining industry as a partial accommodation, though the net effective government take at current gold prices (>$3,000/oz in early 2026) rises materially under the new package compared to the pre-2025 regime.

Affected operators

Major gold mining companies operating in Ghana and directly affected by the GSL rate change:

• Newmont — Ahafo and Akyem mines (world's largest gold miner by production)
• Gold Fields — Tarkwa and Damang mines (Damang lease engineering phase noted in register)
• AngloGold Ashanti — Obuasi mine
• Perseus Mining — Edikan mine

Downstream implications

• The net fiscal package (sliding-scale royalty + 1% GSL) increases government take at gold prices

above ~$2,500/oz relative to the pre-2025 flat 5% royalty + 3% GSL regime.

• Signals that Ghana is willing to make targeted concessions to avoid investor capital flight while

simultaneously tightening the royalty framework — a dual-signal to the investment community.

• The Ewoyaa lithium mining lease ratification (March 2026) coincides, suggesting the broader

policy context is one of controlled fiscal tightening plus selective investment facilitation.

• EU CBAM and global due-diligence frameworks create downstream pressure on Ghanaian gold and

lithium supply chains, giving the government an additional incentive to retain established operators.

Open questions

• Gazette reference / Act number not confirmed — filer should retrieve the official Ghana Gazette

publication via parliament.gh or mofep.gov.gh for the formal Act number.

• Whether the effective date of the 1% GSL rate is retroactive to March 1, 2026 (consistent with

the fiscal year) or runs from the Presidential assent date (March 31, 2026) is unconfirmed.