Market News
Ghana scraps tax on minerals exploration to boost investment - REUTERS
Summary
- Tax removal aims to boost greenfield mining investment
- Small-scale mining leads to record gold exports
- Miners welcome removal of barrier to exploration spending
ACCRA, Nov 14 (Reuters) - Ghana will abolish value-added tax on mineral exploration and reconnaissance to boost investment in its mining sector, its finance minister said, as Africa’s top bullion producer seeks to reverse over two decades of sluggish new development.
Ghana, which has been overhauling its mining sector, introduced the levy 25 years ago amid broader fiscal reforms.
The 15% tax covers exploration-related expenses such as drilling and assay work, hiking upfront costs for companies operating in the high-risk early stages of mining projects.
