Dr. Mahamudu Bawumia, the flagbearer of the governing New Patriotic Party (NPP), has promised to reduce the mining export tax to 1% if elected in the upcoming 2024 general elections.
Speaking at the opening, Vice President Mahamudu Bawumia said the launch of Royal Gold Refinery marked “a new era” that would help contain gold smuggling and raise national earnings from the precious metal.
Dr. Bawumia explained that the reduction in the export tax is intended to make it less financially appealing for individuals to smuggle gold out of Ghana.
By lowering the tax from the current rate, he believes that the policy will incentivize legal and transparent transactions, leading to increased gold production volumes that can be refined domestically.
The NPP flagbearer also highlighted how this tax reduction would support his proposed “gold for oil” and “gold for reserves” programs.
These initiatives aim to use gold exports to stabilize the national currency and strengthen the country’s foreign reserves.
