A craftsman carefully pours molten gold into a mold, showcasing traditional goldsmithing techniques in Africa.
In a striking display of geopolitical unity, China and the United States—alongside the UK, Canada, Australia, and South Africa—have mounted a coordinated diplomatic push to halt Accra’s proposed gold royalty hike. Ghana, Africa’s top gold producer, wants to replace its fixed 5% royalty with a sliding scale reaching as high as 12%. According to government officials, the reform will allow the country to capture more revenue as gold prices hit historic highs. But mining giants, including Newmont, AngloGold Ashanti, Gold Fields, and Chinese-owned operators, say the upper bands would make Ghana one of the continent’s most expensive jurisdictions, squeezing profits and threatening investment in the country’s mining sector.
Reuters