Chamber of Mines pushes for passage of Minerals Revenue Management Act

The President of the Ghana Chamber of Mines, Michael Edem Akafia, has urged government to fast-track the passage of a Minerals Revenue Management Act, arguing that Ghana needs a clear legal framework to govern how income from its mineral resources is saved, spent and accounted for.

He was speaking at the 11th Ghana Mining Industry Awards (GMIA) held on Friday at the Mövenpick Hotel in Accra, where policymakers, diplomats, mining executives and regulators gathered to review the state of the sector.

Mr Akafia said Ghana should now adopt for mining revenues a structured regime similar to what exists for petroleum receipts, in order to strengthen public trust and ensure long-term value creation.

Chief Executive of the Chamber, Ing. Dr. Kenneth Ashigbey, used the occasion to commend government for removing VAT on exploration activities in the 2026 Budget, describing the move as a bold lever to stimulate fresh investment and expand Ghana’s mineral reserves.

He said the VAT relief will help keep Ghana competitive as a preferred mining hub within the region.

Both Chamber leaders, however, flagged policy consistency as a critical success factor, especially as the Minerals and Mining Act is currently under review.

Mr Akafia cautioned that while reforms may be well intentioned, frequent changes to fiscal and regulatory terms create instability for a capital-intensive industry that depends on long-horizon investment decisions.

He also urged a carefully calibrated approach to the proposed sliding-scale royalty regime, warning that if royalty rates become overly burdensome, they could dampen growth and weaken the sector’s attractiveness.

The Chamber president turned his attention to illegal mining (galamsey), criticising recent attacks on state institutions, security agencies and regulators involved in anti-galamsey operations.

He described such incidents as unacceptable and a direct threat to Ghana’s environmental and economic future, insisting that illegal mining is not simply an ecological problem but “a governance, social and national security problem”.

He called for decisive, well-resourced enforcement to protect water bodies, farmlands and mining communities from further degradation.

Beyond policy and regulation, the awards night also highlighted how targeted investments can change lives in mining communities.

Dr Ashigbey shared stories from beneficiaries of the Chamber’s social investment initiatives, including:

A young woman whose ambition to pursue tertiary education was revived through the Chamber’s Tertiary Education Fund; and

Another who rose from community volunteer to full-time mine worker via the Inter-Mines First Aid and Safety Competition.

He said these experiences show the sector’s potential to drive social mobility and opportunity when resources are channelled into people and local development.

Mr Akafia stressed that global shifts—automation, digitalisation, decarbonisation and rising demand for critical minerals—pose both risks and opportunities for Ghana.

He urged government to partner industry to:

Scale up local content and value addition;

Strengthen skills training for the next generation of mining professionals; and

Support innovation and technology adoption, so Ghana can emerge as a regional leader not only in production volumes but also in mining technology and sustainability.

Both Chamber executives emphasised that the sector’s long-term success depends on cohesive partnerships across the value chain. They called for deeper collaboration between government, mining companies, labour unions, host communities and civil society to build a modern, ethical and inclusive mining industry.

The 11th Ghana Mining Industry Awards closed with recognition for outstanding performance across safety, innovation, community development, gender inclusion and operational excellence.

Key honourees included:

AngloGold Ashanti Iduapriem Mine – Mining Company of the Year

Dr Catherien Kuupol Kutor, General Manager of Gold Fields Tarkwa Mine – Mining Personality of the Year

The late Kwame Addo-Kufuor – Lifetime Achievement Award for his contribution to the industry

The event was sponsored by Gold Fields, AngloGold Ashanti, Zijin Golden Ridge, Newmont, Newcore/Cape Coast Resources, Perseus Mining Ghana Limited, UMA, Sandvik Ghana, Interplast and Stanbic Bank, with additional support from SMT Ghana, Asanko Gold Ghana, DRA, Mining Tools Ghana, Carmeuse Lime Products and Liebherr.