Gate News reports that on March 9, the head of Ghana’s mining regulatory agency announced that Ghana will implement a new floating gold royalty mechanism on Tuesday, March 11. This system will link national revenue to rising gold prices. It will replace the previous flat 5% tax rate. According to the framework document, under the floating tax rate system, when the gold price reaches $4,500 per ounce, gold miners will pay a 12% royalty fee. The royalty fee for lithium will also be adjusted to a floating range of 5% to 12%, linked to prices between $1,500 and $3,200 per ton, while all other minerals will remain at a fixed 5% rate. Last week, there were reports that the U.S. and other Western governments jointly attempted to persuade Ghana to suspend this policy. Ghana is Africa’s largest gold producer.
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