ANNOUNCEMENT 17 Mar 2010In March 2010, the government of Ghana announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
The government of Ghana has increased the mining royalty rate from 3% to 5% eventhough it had earlier on in the 2010 budget statement proposed an increase in the rate from 3% to 6%.
The amendment was assented by the president on 17 March 2010 and gazetted on 19 March 2010. The amended section now reads " A holder of a mining lease, restricted mining lease, or small scale mining license shall pay royalty in respect of minerals obtained from its mining operations to the Republic at the rate of 5% of the total revenue earned from minerals obtained by the holder."
Unconfirmed media reports say the fixed rate of 5%was reached after consultations with affected companies who could have invoked their right of exclusion under their stability agreements.