The government of Ghana has announced plans to enact a new law aimed at improving the management of natural resources and mineral revenue in the country. This initiative seeks to enhance revenue generation from the extractive sector, especially as new minerals continue to be discovered in Ghana.
The announcement was made by Alex Segbefia, the Chief of Staff at the Office of the Vice President, during a speech delivered on behalf of the Vice President at the graduation of 203 cadet officers at the Customs Academy in Kpetoe, Volta Region.
The government’s push for a new law is in response to calls from civil society for an overhaul of outdated regulations governing the sector. The goal is to strengthen revenue from minerals and natural resources to support national development.
“The recent elections gave our nation a great opportunity to reset for a fresh start to restore good governance and set our country on a trajectory of economic transformation,” Segbefia stated. He emphasized that the government is committed to enhancing revenue mobilization and creating a more equitable and efficient tax system.
To achieve these goals, Segbefia outlined several measures, including:
Reviewing the tax exemption regime to promote transparency, economic growth, technology transfer, and job creation.
Reviewing and rationalizing port fees to enhance trade competitiveness and maximize revenue.
Resuming the restructuring of the Ghana Revenue Authority (GRA) to improve tax administration and compliance.
Enacting a Natural Resources Revenue Management Act (NRMA) to increase revenue from mineral resources, including new finds and green minerals.
Segbefia also reassured the GRA of the government’s commitment to supporting the division in its role as the country’s main revenue mobilizer. He highlighted the importance of improving GRA operations to further enhance revenue generation.
The newly graduated officers completed nearly nine months of official training in para-military and customs at the GRA Academy.