The Chief Executive Officer of the Ghana Chamber of Mines, Ken Ashigbey, has praised government’s decision to remove Value Added Tax (VAT) on mineral exploration, describing it as a clear signal of Ghana’s commitment to attracting new investment into the mining sector.
Speaking on PM Expression Business Edition on January 29, 2026, during a discussion on “Rising Gold Prices and Their Impact on Ghana’s Economy,” Mr Ashigbey said the policy move has already boosted investor confidence, particularly at a time when global gold prices are experiencing a historic surge.
“One of the positive things that have happened and we commend His Excellency the President, the Minister of Finance, and the Minister of Lands and Natural Resources for is the removal of VAT on exploration,” he stated.
According to Mr Ashigbey, exploration is the foundation of long-term mineral production, noting that much of Ghana’s current mining output is the result of exploration work carried out several years ago. He explained that the previous VAT regime significantly constrained exploration budgets and reduced the real value of investment capital.
“If you brought a million dollars to do exploration in Ghana, you effectively had only about 78 percent of that amount to work with because VAT took roughly 22 percent,” he said, adding that the tax burden discouraged fresh exploration activity.
He noted that the VAT removal, announced in the national budget, has sent a strong positive signal to the international mining community that Ghana is open and ready for investment. However, he cautioned that this optimism is being tempered by uncertainties surrounding the ongoing review of the Mining Act and other mining-related policies.
While acknowledging that rising gold prices present a favourable investment environment, Mr Ashigbey said regulatory uncertainty remains a key concern for investors. “It’s a good time, but it could be better—definitely for everybody,” he remarked.
Despite these challenges, he expressed confidence that sustained engagement between government and industry stakeholders would enable Ghana to fully benefit from the current commodity price rally. He said higher gold prices provide an opportunity to expand production, create jobs, and significantly increase government revenue.
Mr Ashigbey also renewed calls for the introduction of a Minerals Revenue Management Act, similar to the Petroleum Revenue Management Act, to ensure that mineral revenues are managed prudently during periods of high commodity prices.
“Our ask is that, just as we have the Petroleum Revenue Management Act, we should also have a Minerals Revenue Management Act, so that in these good times we manage the resources well and prepare for future challenges,” he said.
Gold prices surged past the $5,000 per ounce mark earlier this week for the first time in history and have continued to climb, with prices currently hovering around $5,200 per ounce. The rally has strengthened expectations of increased revenue inflows for gold-producing countries, including Ghana.
