Ghana changed how it taxes gold production in two steps between December 2025 and March 2026: a royalty that rises with the gold price, and a lower levy to soften the impact on miners.
Contents
The Minerals and Mining Royalty Regulations, 2025
- Laid before Parliament on 19 December 2025 and reported to have matured into law in March 2026.
- They introduce a sliding scale: royalty rates move with international prices, so the state earns more when gold is expensive.
- For gold, the price basis is the weekly average of the LBMA London PM price in US dollars per fine troy ounce, averaged over the month’s sales.
- Reported rates run from about 5% at lower gold prices up to 12% when gold is above US$4,500 an ounce. Reports differ on the exact bands, so check the regulations themselves before modelling.
- The regulations also create a 1% Community Development Fund for lithium mining.
Under the previous regime, the royalty was a flat 5% of revenue. The change drew pressure from several foreign governments concerned about large mining companies.
The Growth and Sustainability Levy
- The levy on gold mining companies had been raised from 1% to 3% of gross production in 2025.
- In March 2026 Parliament approved an amendment cutting it back to 1% of gross production, which the government said was meant to offset the impact of the new royalty.
- The Minority warned that sudden fiscal changes could reduce Ghana’s attractiveness to investors.
What investors should do
- Model royalties across a range of gold prices, not at today’s price alone.
- Check whether a stability or development agreement affects the terms that apply to a specific project.
- Take Ghanaian tax advice on the final text and effective dates.
Sources
- Citi Newsroom: Minerals and Mining Royalty Regulations, 2025 mature into law (9 March 2026)
- Graphic Online: Parliament approves Growth and Sustainability Levy Amendment Bill, 2026 (17 March 2026)
- Citi Newsroom: Govt proposes cut in gold mining levy from 3% to 1% (13 March 2026)
- Minerals Commission: Overview of Act 703 (previous 5% royalty)
This article is for information only and is not legal, tax or investment advice. Rules and figures change; confirm the current position with the relevant authority or a qualified adviser before acting. Image: illustration (AI-generated).
