Mona Quartey is former deputy finance minister
A former Deputy Minister of Finance, Mona Quartey, has raised concerns over the government’s decision to increase the Growth & Sustainability Levy on mining companies from 1% to 3%, warning of its potential impact on the extractive sector.
During the presentation of the 2025 Budget Statement on March 11, 2025, the Minister of Finance, Dr. Cassiel Ato Forson, justified the levy hike as a strategy to ensure Ghana benefits from rising global gold prices. He also proposed extending the sunset clause to 2028.
Speaking on Channel One TV on March 15, 2025, Mona Quartey acknowledged the need for revenue generation but cautioned that the increased levy could place undue pressure on the industry at a critical time.
According to her, while the measure may provide short-term benefits, it should not be prolonged, as the extractive sector plays a crucial role in Ghana’s economic recovery.
“In 2024, we saw the extractive and oil industry making strong gains in terms of production, which is influenced not only by price but also by production costs, utilities, labor, and consumables within the sector.
“That is why I am somewhat concerned about the Growth & Sustainability Levy on the extractive industry increasing.
“I would prefer otherwise, but considering that our major source of funding right now comes from the tax refund account, and the government is trying to navigate the fiscal space to generate revenue, this measure may be necessary but only for the short term.
“This sector is crucial in helping Ghana recover from its debt crisis, as it brings in much-needed foreign currency,”* she stated.
SP/MA
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