AGI Expresses Disappointment Over Growth and Sustainability Levy Extension

<code>“To be fair, this is great news, and we welcome it fully. But you see, there are key issues that we have been looking forward to. For example, the issue around the Growth and Sustainability Levy and the Special Import Levy—if you follow our advocacy all this while, you will realize that we have been waiting for these clauses to end this year. But somehow, the minister extended it to 2028, and that caught us off guard,” Akpeloo said.</code>

The Growth and Sustainability Levy, which ranges between 1% and 5% of revenue, significantly affects businesses by increasing operational costs. According to AGI, this move could stifle growth and competitiveness within Ghana’s industrial sector.

In presenting the budget, Dr. Forson justified the levy increase, particularly for mining companies, arguing that Ghana needed to benefit more from high gold prices.

<code>“Consequently, we are proposing to increase the Growth & Sustainability Levy from 1% on the gross production of mining companies to 3% to enable the nation to have its fair share of the windfall from an increase in gold prices. We also propose to extend the sunset clause to 2028,” he stated.</code>