Ghana raising corporate tax on miners to secure IMF funding

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Ghana raising corporate tax on miners to secure IMF funding

ghana-flag.jpg

The Ghanaian government has indicated in a letter to IMF managing director Christine Lagarde that it expects to bring in as much as $165 million from the increased corporate tax rate on mining firms.

The letter – signed by finance minister Kwabena Duffuor and Central Bank Governor Kwasi Amissh-Arthur – outlines a number of policies being undertaken by Ghana as part of its attempts to secure funding from the IMF. More than $600 million could be granted to the country from the IMF’s Extended Credit Facility Program for Ghana.

The corporate tax rate on miners was increased from 25% to 35% in this year’s budget.

Fears that the increased rate will deter investment in the sector have been cast aside by government claims that the measures are necessary to bring in extra revenue.

more across site & shared bottom lb ros

More from across our site

Firms are spending serious money to expand their tax advisory practices internationally – this proves that the tax practice is no mere sideshow
The controversial deal would ‘preserve the gains achieved under pillar two’, the OECD said; in other news, HMRC outlined its approach to dealing with ‘harmful’ tax advisers
Former EY and Deloitte tax specialists will staff the new operation, which provides the firm with new offices in Tokyo and Osaka
TP is a growing priority for West and Central African tax authorities, writes Winnie Maliko, but enforcement remains inconsistent, and data limitations persist
The UK tax agency has appointed six independent industry specialists to the panel
The two tax partners have significant experience and expertise in transactional and tax structuring matters
Katie Leah’s arrival marks a significant step in Skadden’s ambition to build a specialised, 10-partner London tax team by 2030, the firm’s European tax head tells ITR
Increasingly, clients are looking for different advisers to the established players, Ryan’s president for European and Asia Pacific operations tells ITR
Using tax to enhance its standing as a funds location is behind Luxembourg’s measures aimed at clarifying ATAD 2 and making its carried interest regime more attractive
Encompassing everything from international scandals to seismic political events, it’s a privilege to cover the intriguing world of tax
Gift this article