Chairman of the Chamber of Bullion Traders, Ghana, Kwaku Effah Asuahene, has commended the government for abolishing the 1.5% withholding tax on unprocessed gold.
The announcement was made during the presentation of the 2025 Budget Statement and Economic Policy of the Government to Parliament by the Finance Minister on Tuesday, March 11, 2025.
The Minister, Dr. Cassiel Ato Baah Forson, outlined the tax cuts, emphasising the positive impact these measures will have on disposable incomes and business growth.
It was among the five taxes the government scrapped from this year’s budget which include;
– a 10% withholding tax on winnings from lottery, otherwise known as the “Betting Tax”;
– an Electronic Transfer Levy (E-Levy) of 1%;
– an Emission Levy on industries and vehicles;
– a VAT on motor vehicle insurance policy; and
– a 1.5% withholding tax on winning of unprocessed gold by small-scale miners.
Speaking at a stakeholder engagement by the GoldBod Technical Committee at Tarkwa in the Western region Friday, March 14, 2025, Mr. Asuahene stated that the removal of the tax has come as a great relief for players in the industry.
“The removal of the 1.5 per cent withholding tax by the government is going to help all gold dealers to make the little profit we deserve,” he stated, expressing the Association’s quest to prevent foreigners from taking advantage of the country’s mineral resources at the expense of the state.
“We wouldn’t allow any foreigner to purchase our gold in discreet and go away with it without the money coming into the country,” he stated.
According to Mr. Asuahene, the feat would be attained by the establishment of the Ghana Gold Board (GoldBod) which is going to take charge of gold purchases in the country.
He noted that the Gold Board (GoldBod) would be the solution to the challenges in the gold value chain, reiterating the benefits industry players would derive, in contrast to some misconceptions being peddled by a section of the public.
“…so, those saying the GoldBod will collapse businesses of some traders, it is not true, it is rather going to empower them because the amount the government has earmarked for the purchases is huge,” he noted.
Bullion Traders Chairman courts support for soon-to-established GoldBod to boost Ghana’s economy
