Accra has decided that large-scale mining companies must hand over 30 per cent of their gold production from July. The State-owned Gold Board will pay for these doré gold bars in local cedis, kindly offering a tiny discount of less than one per cent against the central bank's reference price. This forms part of an ambitious programme to expand official reserves from 19 tonnes to 157 tonnes by 2028. To ensure miners remain suitably philanthropic, the government also plans a sliding-scale royalty system that could see tax rates reach 12 per cent
Accra has decided that large-scale mining companies must hand over 30 per cent of their gold production from July. The State-owned Gold Board will pay for these doré gold bars in local cedis, kindly offering a tiny discount of less than one per cent against the central bank's reference price. This forms part of an ambitious programme to expand official reserves from 19 tonnes to 157 tonnes by 2028. To ensure miners remain suitably philanthropic, the government also plans a sliding-scale royalty system that could see tax rates reach 12 per cent
