According to PwC, the non-deductible levy would raise operating costs and reduce prof­it margins, potentially limiting investment and growth.

The government, in the 2025 budget and economic statement, announced an increase in the GSL on the gross output of the extractive sector from one per cent to three per cent.

The sunset clause has also been extended to 2028 to ensure that the nation benefits from ris­ing gold prices and secures a fair share of its mineral resources.   

The Associate Director, Assurance at PwC, Sylvia Afriyie, raised the concern in her analysis of the mining and energy sector in PwC’s review of the 2025 budget.

She suggested that companies with stability clauses should be exempted from the levy.

“The government should re­view these agreements to increase its fiscal take while aligning with its revenue mobilisation goals. Engaging the Chamber of Mines is crucial to finding a win-win solution,” she stated.

Ms Afriyie stressed that offering incentives to attract investment in exploration and production could enhance gold production, ultimately leading to higher royalty and dividend payments to the government.

She also recommended a framework for windfall taxes to help mining companies plan and forecast effectively.

“Such a system would ensure the government receives a fair share of profits during periods of high commodity prices,” she added.

Commenting on the gov­ernment’s plan to establish the Ghana Gold Board (GOLD­BOD), Ms Afriyie indicated that the initiative could streamline gold trading activities, potentially increasing efficiency and reducing duplication.

“The establishment of GOLDBOD will help address the fragmented and uncoordi­nated nature of gold buying and selling in the country, reducing smuggling. This initiative could also enhance foreign exchange inflows and strengthen gold reserve accumulation, contrib­uting to economic stability,” she explained.

However, she pointed out that the establishment of the GOLD­BOD raised questions about the future role of the Precious Minerals Marketing Company (PMMC) and other stakeholders, stressing that clear definitions and mandates would be required to ensure smooth operations.

Moreover, Ms Afriyie also called for mechanisms to ensure gold traceability, ensuring pur­chases come from sustainable mining sources that align with international standards.