Ghana Chamber of Mines CEO Calls for Minerals Revenue Management Act to Secure Long-Term Stability

Ken Ashigbey, CEO of the Ghana Chamber of Mines, is leading a charge for a comprehensive overhaul of how Ghana manages its mineral wealth. Amidst a significant surge in global gold prices, Ashigbey has warned the government against adopting what he calls an 'Esau mentality'—prioritizing immediate gains over long-term economic security. The Chamber is urgently advocating for the enactment of a Minerals Revenue Management Act, designed to create a legal framework for saving mineral windfalls and protecting the national economy from the volatile boom-and-bust cycles of global commodity markets. Ashigbey argues that without such a law, the country remains vulnerable to price fluctuations that could derail fiscal stability.

Central to this proposed reform is a demand for a more inclusive and equitable tax regime. Ashigbey is pushing the Minerals Commission to formalize the small-scale mining sector, which contributes a significant portion of the country’s gold output but remains largely under-regulated in terms of revenue contribution. By integrating these miners into the tax base, the Chamber believes the government can boost its revenue without further overburdening large-scale formal operators. Specific fiscal proposals include replacing the existing Growth and Sustainability Levy with a more flexible sliding royalty scale ranging from 4% to 8%, which would adjust automatically based on prevailing gold prices to maintain industry viability.

Beyond state coffers, the Chamber is advocating for direct benefits to mining-impacted communities and the broader economy. A key proposal involves a mandatory 1% levy on net profits to be funneled into a dedicated community development fund, ensuring that local populations see tangible benefits when gold prices peak. Furthermore, Ashigbey emphasizes that increased mining revenues should not be absorbed into general recurrent spending. Instead, he argues for channeling these funds into strategic sectors such as commercial agriculture and building a robust stabilization reserve to provide a financial buffer during future market downturns.

These recommendations come at a critical time as Ghana seeks to stabilize its macroeconomic indicators. While current gold prices offer a temporary windfall, Ashigbey maintains that long-term fiscal decisions must not be based on transient market highs. The proposed Minerals Revenue Management Act would serve as a cornerstone for disciplined spending and strategic investment, ensuring that the country’s mineral endowment serves as a catalyst for sustainable growth rather than a short-term fix. The Chamber’s vision is clear: Ghana must save the windfalls of today to ensure the economic bust of tomorrow does not compromise the nation’s development.