The Ghana Chamber of Mines has lauded the Government of Ghana for scrapping Value Added Tax (VAT) on exploration activities, describing the measure as timely and strategic for sustaining the country’s long-term mineral potential.

The announcement was made at the 11th Ghana Mining Industry Awards (GMIA) held in Accra, where Ing. Dr Kenneth Ashigbey, Chief Executive Officer of the Chamber, hailed the policy as a bold step towards strengthening Ghana’s competitiveness as a mining investment destination.

Dr Ashigbey said the removal of VAT on exploration in the 2026 Budget was more than an administrative change, noting that it represents a transformative incentive that will stimulate new exploration, de-risk investments, and help replenish the nation’s mineral reserves.

“This intervention is not just an administrative adjustment; it is a bold commitment to attracting new investments,” he stated. “It will sustain Ghana’s mineral reserves and reinforce the country’s competitiveness as a mining destination.”

He expressed optimism that the same collaborative spirit that informed the decision would guide ongoing discussions on the mining royalty regime to ensure a policy framework that benefits both Ghana and the industry.

Mr. Michael Edem Akafia, President of the Chamber, also commended the government for the VAT exemption, describing it as a strategic move to 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 Cassiel Ato Forson, for their support in advancing the pro-investment fiscal measure.

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

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

Dr Ashigbey noted 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 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.

The event concluded with AngloGold Ashanti Iduapriem Mine being 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 honoured posthumously with the Lifetime Achievement Award for his outstanding contribution to the industry.

The 11th Ghana Mining Industry Awards 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.

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