By Lands and Natural Resources Minister, Samuel Abu Jinapor, has revealed that the government is in the process of reviewing the Value Added Tax (VAT) portion within the tax structure applied to exploration costs for potential mining firms.
He shared this information during the inauguration of the 2024 West African Mining and Power Conference and Exhibition (WAMPOC/WAMPEX) event.
He emphasized that the proposed adjustment aims to alleviate the tax burden associated with natural mineral resource exploration, thereby enhancing the sector’s attractiveness for increased foreign direct investments.
“We are, for example, working with the Ghana Revenue Authority (GRA) and the Ghana Chamber of Mines, under the guidance of Government’s Economic Management Team, to explore the best framework for treating critical imposts such as Value-Added Tax (VAT) on exploration.”
“If properly structured, it will reduce the financial burden on exploration companies, making it more attractive to invest in exploration, while safeguarding the nation’s interest.”,he added.
This initiative is a pivotal component of the government’s broader efforts to cultivate a conducive environment for investment in the exploration of new mineral deposits within the country.
He underscored the importance of incentivizing investors to engage in the exploration of new mineral resources in Ghana, recognizing the potential for generating crucial revenue within the sector.
“We aim to unlock the full potential of Ghana’s mineral wealth, create employment opportunities, and stimulate economic growth in the mining sector and beyond.”
The 2024 West African Mining & Power Conference and Exhibition (WAMPOC/WAMPEX), spanning three days, is anticipated to convene key stakeholders from both the private and public sectors to discuss sustainable investments in the mining and power industries across West Africa. The event will feature technical workshops and provide extensive business-to-business (B2B) networking opportunities, with over 80 exhibitors from 16 countries expected to participate.
The theme for the conference is “The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa”.
