Ghana is being pressured to stop a planned increase in gold royalties that could hurt some of the world\u2019s largest mining companies, according to three sources and a letter seen by Reuters.<\/p>\n
Ghana, Africa\u2019s top gold producer, wants to replace its fixed 5% royalty with a sliding scale from 5% to 12%, linked to gold prices. The government says this will help capture more revenue as gold hits record highs.<\/p>\n
Mining companies warn the top rates could make Ghana one of the most expensive places to mine in Africa and squeeze profits. Ghana has agreed to lower an existing levy to ease the reform, but companies say the proposed scale is still too high and have submitted lower alternative rates.<\/p>\n
The U.S., China, the UK, Canada, Australia, and South Africa have all intervened, a level of diplomatic engagement described as unusual by senior industry executives.<\/p>\n
\u201cThis is the first time I\u2019ve seen the diplomatic community get involved at this scale,\u201d one source said.<\/p>\n
Officials from these missions met Ghana\u2019s Lands and Natural Resources Minister this month and shared a joint document raising concerns, two people familiar with the meeting said. They are seeking further talks with the Finance Minister.<\/p>\n
\u201cThe heads of missions expressed concern that the operating environment of the mines will be challenging,\u201d one executive added.<\/p>\n
The embassies of the UK, Canada, Australia, the U.S., South Africa, and China in Accra did not immediately respond to requests for comment.<\/p>\n
Top executives from Newmont, Gold Fields, AngloGold Ashanti, and Perseus also raised their concerns directly with Ghana\u2019s Lands Minister in December and January.<\/p>\n
Chinese-owned mines, including Zijin, Chifeng, and Shandong Gold, have formally protested. A letter from the Association of China\u2013Ghana Mining, seen by Reuters and copied to Beijing\u2019s ambassador, warned the royalty plan could threaten Zijin\u2019s Akyem, Chifeng\u2019s Wassa, and Shandong\u2019s Cardinal gold mines.<\/p>\n
\u201cThe royalty issue has united companies like nothing in recent years,\u201d the senior source said.<\/p>\n
Mining companies have not responded to requests for comment. Ghana\u2019s Lands and Finance Ministries also did not respond immediately.<\/p>\n
Ghana-based gold producers posted strong results in 2025. Newmont earned over $7 billion, Gold Fields more than doubled profits, AngloGold Ashanti tripled earnings, and Perseus made $421.7 million, up 16 percent from the previous year.<\/p>\n
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