Ghana scraps royalties
Ghana is preparing a major shake-up of its mining regime, moving to scrap long-standing investment stability agreements and sharply raise royalties as gold prices surge. The Minerals Commission says the reforms are designed to ensure the country captures more value from its mineral wealth, arguing that some multinationals have abused existing pacts. Under a draft bill heading to Parliament, royalties would start at 9% and rise to 12% if gold exceeds $4,500 an ounce—nearly double current rates. The government plans to let existing deals with companies like Newmont, AngloGold Ashanti, and Gold Fields lapse rather than renew them, while tightening local-content rules. Officials insist the changes will not deter investors, even as industry players quietly assess the implications for future projects in Africa’s top gold producer.
CNBC Africa