By Adnan Adams Mohammed
As gold prices have smashed records, surging past US$5,500 per ounce in January 2026, Ghana finds itself at a fiscal crossroads. The temptation to “gorge” on current windfalls is high, but the Chamber is warning against an “Esau mentality” trading a long-term birthright for a bowl of short-term pottage.
Figuratively, in the halls of Ghana’s mining power, a familiar metaphor is making the rounds: “Eating on a constant and continual basis is better than eating one large meal at once.” These words, spoken by Ken Ashigbey, CEO of the Ghana Chamber of Mines, capture the central tension of a nation currently sitting on a gold mine both literally and figuratively.
The Small-Scale Elephant in the Room
While large-scale mines have traditionally carried the heavy lifting of national revenue, a massive shift has occurred beneath the surface. Small-scale mining now accounts for more than half of the output of large-scale operations. Yet, despite this dominance, the sector remains “lightly regulated” in its tax contribution.
Ashigbey’s push is simple: Tax everyone fairly. By expanding the tax net to include small-scale miners under the revised royalty regime, the government could significantly boost its “kitty” without suffocating the large-scale producers who already face one of the highest effective tax rates in the world.
“Bring them into the pool,” Ashigbey urged. “Once the percentages are right, they would also be able to put a bit into the kitty.”
The “Sliding Scale” Debate: Finding the Sweet Spot
The government has recently laid before Parliament a new Minerals (Royalties) Pricing Schedule Regulation. It introduces a sliding-scale royalty that could climb as high as 12% when gold prices exceed US$4,500.
The Chamber, however, has proposed a more balanced “counter offer.” Their vision for a sustainable “sweet spot” include:
● A 4% to 8% Scale: Replacing the government’s proposed aggressive peaks with a more moderate slide.
● Scrapping the Growth and Sustainability Levy (GSL): Reducing the cumulative burden on companies to encourage reinvestment.
● The 1% Net Profit Clause: A dedicated fund where 1% of net profit goes directly into community development.
Saving for the “Bust”
Perhaps the most forward-looking proposal from the Chamber is the call for a Minerals Revenue Management Act. Currently, Ghana’s economic stability is heavily predicated on global commodity prices a factor the nation does not control.
“Currently, the macros are very good… but all of that is predicated on commodity prices,” Ashigbey warned. A dedicated Act would mandate a Stabilisation Fund, ensuring that when the “short-term phenomenon” of high gold prices inevitably ends, the nation isn’t left in a fiscal lurch.
Tangible Benefits for Mining Communities
The goal of these reforms is not just to fill the central government’s coffers. The Chamber argues that those living in the shadow of the mines must see the “boom” in their daily lives. Under their proposal, when prices “hit the roof,” specific infrastructure projects in mining communities would be automatically funded, creating a legacy that outlasts the gold rush.
