Ghana’s mining revenue hits ₵17.7bn in 2024
By Praisebell Rosemond Larbi
Ghana’s mining sector generated a record GH₵17.7 billion in revenue for the government in 2024, representing a 51.2 percent increase from the GH₵11.7 billion posted in 2023.
The data, released by the Ghana Chamber of Mines, highlights the sector’s rising importance as a key pillar of the national economy.
Dividends paid to the state soared by over 600 percent, reaching GH₵1.03 billion last year. This remarkable growth underscores the mining industry’s expanding role in domestic revenue generation.
Speaking at the Chamber’s 97th Annual General Meeting, President of the Chamber, Mr. Edem Michael Akafia, noted that the sector’s contribution to domestic revenue rose from 8.8percent in 2023 to 9.6percent in 2024. Similarly, its share of total government revenue increased from percent to 9.5percent within the same period.
“This upturn boosted the mining sector’s share of direct domestic taxes from 22.7percent in 2023 to 24.3percent in 2024,” Mr. Akafia stated.
He added that mineral royalties also recorded a significant rise, jumping by 76.7percent from GH₵2.8 billion in 2023 to GH₵4.9 billion in 2024. The increase, he explained, reflects the growth in gross mineral sales, on which royalty payments are calculated. Consequently, the share of royalties in the sector’s total fiscal contributions rose from 23.7percent to 27.7percent.
Meanwhile, the Chief Director at the Ministry of Lands and Natural Resources, Mr. Innocent Haligah, called on stakeholders in the mining industry to strengthen their collaboration with the Ghana Gold Board to promote a safer and more sustainable mining environment.
“The Gold Board has been established as part of efforts to address challenges in the sector. Beyond regulation, it symbolizes the value of our national currency, and we expect all stakeholders to work together to ensure a safe and responsible mining environment,” he said.
Mr. Haligah also emphasized the need to focus on strategic areas such as local content development, where the majority of the mining workforce consists of Ghanaians, and the promotion of value addition to mineral resources to maximize national benefits. The Chamber of Mines noted that the sector’s performance in 2024 positions it as a key engine of growth, providing a strong platform for sustainable development and job creation in the years ahead.
