Chamber of Mines Applauds Government for Scrapping VAT on Exploration

The Ghana Chamber of Mines has lauded the Government of Ghana for abolishing Value Added Tax (VAT) on exploration activities, describing the move as timely, strategic, and vital for safeguarding the country’s long-term mineral potential.

The announcement was made at the 11th Ghana Mining Industry Awards (GMIA) held at the Movenpick Hotel. Ing. Dr. Kenneth Ashigbey, Chief Executive Officer of the Chamber, hailed the policy as a bold step toward strengthening Ghana’s competitiveness as a global mining investment destination.

Dr. Ashigbey stressed that the VAT removal, captured in the 2026 Budget, is more than an administrative adjustment. “This intervention is not just an administrative change; it is a bold commitment to attracting new investments,” he said. “It will sustain Ghana’s mineral reserves and reinforce the country’s competitiveness as a mining destination.”

He added that the Chamber hopes the same collaborative spirit will guide ongoing discussions on the mining royalty regime, ensuring a fair framework that benefits both Ghana and the industry.

Mr. Michael Edem Akafia, President of the Chamber, also commended the government, calling the VAT exemption a strategic measure to secure the future of the mining sector. He acknowledged President John Dramani Mahama, Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, and Finance Minister Dr. Ato Forson for their roles in advancing the pro-investment policy.

Industry analysts have long argued that VAT on exploration imposed undue financial strain on companies, particularly those in early-stage projects where commercial viability remains uncertain. Its removal is expected to boost investor confidence, expand geological exploration, and accelerate the discovery of new mineral resources.

Dr. Ashigbey further highlighted the broader benefits of progressive fiscal policies, noting that exploration-led investments ultimately generate jobs, strengthen local economies, and expand community development initiatives across mining regions.

Mining remains a cornerstone of Ghana’s economy, contributing significantly to export earnings, government revenue, and employment. With this renewed government support, industry leaders believe Ghana is well-positioned to attract global exploration firms and unlock new value from its mineral-rich terrains.

Both the CEO and the Chamber President reaffirmed the industry’s commitment to partnering with government to promote investment, transparency, and sustainable growth. The Chamber emphasized that strong collaboration is essential to securing Ghana’s mineral future for generations.

The awards night also celebrated industry excellence: AngloGold Ashanti Iduapriem Mine was named Mining Company of the Year, Dr. Catherine Kuupol Kutor of Gold Fields Tarkwa Mine received Mining Personality of the Year, and the late Kwame Addo-Kufuor was honoured posthumously with the Lifetime Achievement Award.

The 11th GMIA was sponsored by Gold Fields, AngloGold Ashanti, Zijin Golden Ridge, Newmont, Newcore/Cape Coast Resources, Perseus Mining Ghana Limited, UMA, Sandvik Ghana, Interplast, and Stanbic Bank, with additional support from SMT Ghana, Asanko Gold Ghana, DRA, Mining Tools Ghana, Carmeuse Lime Products, and Liebherr.

---CitiNewsRoom