The Ghana Chamber of Mines thanks the government for removing VAT on exploration activities

The Ghana Chamber of Mines has warmly thanked the Government of Ghana for removing Value Added Tax (VAT) on exploration activities, calling the move timely, strategic, and vital for preserving the nation’s long-term mineral potential.

The announcement came during the 11th Ghana Mining Industry Awards (GMIA) at the Movenpick Hotel, where Ing. Dr. Kenneth Ashigbey, CEO of the Chamber, praised the policy decision as a bold step toward boosting Ghana’s appeal as a top mining investment destination..

At the ceremony, Dr. Ashigbey highlighted that removing VAT on exploration in the 2026 Budget is more than just a procedural tweak; it’s a game-changing move set to spark fresh exploration, reduce investment risks, and boost the nation’s mineral reserves.

He emphasized that this move isn’t just a simple administrative change, but a strong commitment to drawing in new investments. It will help maintain Ghana’s mineral reserves and boost the country’s standing as a top mining destination.

He added that the Chamber is hopeful the same collaborative spirit that informed this decision will guide ongoing discussions on the mining royalty regime, ensuring a policy framework that benefits both Ghana and the industry.

Meanwhile, Mr. Michael Edem Akafia, President of the Ghana Chamber of Mines, also commended the government for the VAT exemption, describing it as a strategic move that will secure the future of the mining sector.

He acknowledged President John Dramani Mahama, the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah and the Minister of Finance, Dr. Ato Forson, for their support in advancing this pro-investment fiscal measure.

Industry analysts have long argued that VAT on exploration activities places unnecessary financial burden on mining companies, especially those in early-stage exploration where commercial viability is still uncertain.

The removal of the tax is therefore expected to boost investor interest, expand geological exploration, and accelerate the discovery of new mineral resources.

Dr. Ashigbey further highlighted the broader impact of such progressive policies, noting that exploration-led investments ultimately translate into more jobs, stronger local economies, and expanded community development initiatives across mining regions.

The mining industry remains one of Ghana’s economic pillars, contributing significantly to export earnings, government revenue, and employment.

With this renewed government support, industry leaders believe Ghana is better positioned to attract global exploration firms and unlock new value within its mineral-rich terrains.

Both the CEO and the Chamber President reaffirmed the industry’s commitment to partnering with government to develop policies that promote investment, transparency, and sustainable growth.

As the sector embraces new opportunities created by the VAT exemption, the Chamber reiterated that strong government-industry collaboration is key to securing Ghana’s mineral future for generations to come.

As the night concluded, AngloGold Ashanti Iduapriem Mine was crowned Mining Company of the Year, while Dr. Catherine Kuupol Kutor, General Manager of Gold Fields Tarkwa Mine, received the prestigious Mining Personality of the Year award. The late Kwame Addo-Kufuor was also honoured posthumously with the Lifetime Achievement Award for his outstanding contribution to the industry.

The 11th Ghana Mining Industry Awards had proud sponsorship from Gold Fields, AngloGold Ashanti, Zijin Golden Ridge, Newmont, Newcore/Cape Coast Resources, Perseus Mining Ghana Limited, UMA, Sandvik Ghana, Interplast, and Stanbic Bank. The event also enjoyed additional support from SMT Ghana, Asanko Gold Ghana, DRA, Mining Tools Ghana, Carmeuse Lime Products, and Liebherr.